iron ore imports jumped in November to the second-highest
monthly level in history as steel mills replenished stocks.
The arrival of 65.8 million
tonnes in November, a 16.6-percent increase from the previous
month, was topped only by the 68.9 million tonnes recorded in
January 2011, according to preliminary Chinese customs data
"Steel mills increased bookings
of iron ore in late October as (they) needed to restock after
the weeklong national day holiday," a steel mill source in
Shanghai told AMM sister publication Steel
"The month-on-month jump was
also due to disrupted arrivals during the early October
holiday," an industry analyst in Beijing said.
Imports for the first 11 months
of the year totaled 674.6 million tonnes, down 1.8 percent from
686.9 million tonnes in the same period last year.
"Imports for the whole of 2012 will no doubt exceed 700
million tonnes," an iron ore trader in Shanghai said.
A version of this article was first
published by AMM sister publication Steel