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Strong Demand For Iron Ore In China

Time: 2020-09-21 Category: Technical Data Tag: Strong Demand Iron Ore
Summary: With the gradual recovery of China's domestic construction industry and industrial production after the epidemic, the demand for iron ore has increased significantly. Recently, the price of imported iron ore has risen to a six-and-a-half-year high.
With the gradual recovery of China's domestic construction industry and industrial production after the epidemic, the demand for iron ore has increased significantly. Recently, the price of imported iron ore has risen to a six-and-a-half-year high.

Data show that on September 14, the transaction price of 62% grade iron ore in North China Port was US$130.17/ton, a record high since mid-January 2014. The price of iron ore has risen by over 41% this year.

Supported by the surge in demand, China's iron ore imports have increased by 20% year-on-year in the past three months. From January to August this year, China imported nearly 760 million tons of iron ore, an increase of 11% year-on-year; imports amounted to US$70.6 billion, an increase of 7.5% year-on-year.

Recently, Brazilian officials said that the current domestic iron ore production capacity in Brazil can fully meet China's growing demand. "The recovery in Chinese demand is very beneficial to the Brazilian iron ore market," said Alexandre Vidigal, Brazil's Minister of Geology, Mining and Mineral Transformation.

Brazil’s iron ore exports account for 59% of the country’s mineral output. In the second quarter of this year, Brazil’s iron ore exports were 76 million tons, an increase of 8% from the first quarter, but a decrease of 3% from the same period last year. "The iron ore industry is recovering, and the mining industry will play an important role in Brazil's economic recovery," said Vidigal.

Brazilian mining giant Vale stated that the company's operations have now returned to pre-epidemic levels, with exports reaching 33.4 million tons in July, a significant increase of nearly 60% from June.