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China's Nov. iron ore imports reach 2d-highest level in history

Keywords: Tags  iron ore, Chinese imports, Chinese customs, steel mill restocking

SHANGHAI — China’s 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 released Monday.

"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 First.

"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 First.

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