Singapore (Platts)--23Nov2012/231 am EST/731 GMT
China imported 56.43 million mt of iron ore in October, down 13% month on month but up 13% year on year, data released Friday by the General Administration of Customs of China showed. With the onset of colder weather halting construction projects in China in October, demand for steel and correspondingly, steelmaking raw material iron ore, weakened considerably from September. "It's hard for construction projects to take off in the north now due to the snow, and it's also difficult in the south because of the rain. Steel demand is really weak now," a Jiangsu-based mill source said.Article continues below...Sign up to Metals DailyPlatts Metals Daily offers prices, news and analysis for the aluminum, copper and molybdenum value chains. It contains hundreds of metals prices across base, minor, light and precious metals assessed by editors globally. This detailed report will help you monitor global events and quickly spot opportunities or potential pitfalls as well as bring you aluminum and copper price and news coverage. Daily prices and news for molybdenum are also covered to deliver critical insights.
China imported 56.43 million mt of iron ore in October, down 13% month on month but up 13% year on year, data released Friday by the General Administration of Customs of China showed. With the onset of colder weather halting construction projects in China in October, demand for steel and correspondingly, steelmaking raw material iron ore, weakened considerably from September. "It's hard for construction projects to take off in the north now due to the snow, and it's also difficult in the south because of the rain. Steel demand is really weak now," a Jiangsu-based mill source said.
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Platts Metals Daily offers prices, news and analysis for the aluminum, copper and molybdenum value chains. It contains hundreds of metals prices across base, minor, light and precious metals assessed by editors globally. This detailed report will help you monitor global events and quickly spot opportunities or potential pitfalls as well as bring you aluminum and copper price and news coverage. Daily prices and news for molybdenum are also covered to deliver critical insights.
Australia remained the largest supplier of iron ore to China, selling 27.33 million mt in October, down 21% month on month but up 20% year on year. Contributing to the month-on-month decrease in Australian ore imports was the trend of mills in China to procure more port stocks and non-mainstream material in a bid to lower production costs and remain competitive in a depressed market. The price difference between port stocks of Australian material and seaborne imports widened significantly in October, making dockside cargoes more popular. Brazil was the second largest supplier to China in October, delivering 14.68 mil mt, up almost 7% from September and up 22% year on year, and South Africa third. Imports from India, the fourth largest supplier, totaled 270,000 mt in October, 65% down from the previous month and down 87% year on year. Imports have been declining since India hiked export duties to 30% from 20% on December 30, 2011. Imports from the southwestern Indian state of Goa have plummeted further since September after environmental clearance was suspended at 93 mining leases, mostly for iron ore.--Celestyn Wong, celestyn_wong@platts.com --Edited by Wendy Wells, wendy_wells@platts.com
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