Statistics

China iron ore imports hit record in Jan

(Agencies)
Updated: 2011-02-14 15:24

China's iron ore imports reached a record 68.97 million tons in January, up 18.8 percent from 58.08 million tons in December, official data from the General Administration of Customs showed on Monday.

Steel mills bolstered iron ore inventories to maintain production ahead of the Lunar New Year holiday in early February, leading to a jump in imports of the raw material.

Related readings:  Shanghai rebar, iron ore prices at record  China Dec iron ore imports rise to 9-month high  Chinese steel mills pay $26b more for iron ore imports  Sagging profits drive steel sector reforms

"Restocking by steel mills to maintain normal operations during the holiday was the main factor driving up imports," said Qilu Securities analyst Du Hui.

The previous record for iron ore imports was 64.55 million tons in September 2009.

Steel exports from the world's largest steel producer rose 9 percent to 3.12 million tons in January from the previous month, the data showed.

Analysts expect exports to extend gains in February to reflect recovering demand in international markets.

China imported 1.64 million tons of steel products in January, up from 1.41 million tons in December.