Author: Paul Ploumis
25 Aug 2014 Last updated at 06:41:19 GMT
BEIJING (Scrap Monster): The latest statistics released by the Chinese General Administration of Customs indicate that the country's iron ore imports from Australia rose significantly during July this year. The imports from Australia accounted for 67% of China's total iron ore imports during the month of July this year.
The higher imports were on account of increased shipments due to huge discounts offered by Australian mining majors including Fortescue Metals Group (FMG) to Chinese buyers. The 56.7% Fe Super Special Fines were offered up to 15% discount, which prompted the buyers to ramp up their purchases.
As per data, the Chinese iron ore imports from Australia totaled 55.37 million mt during July '14. The imports during the month were 33.5% higher when compared with the imports during the same month a year ago. Also, the July '14 imports were 10% higher month-on-month.
The Chinese iron ore imports during July this year totaled 82.52 million mt. The imports were up 10.7% when compared with a month ago. The country had imported 74.57 million mt during June '14. The country's second largest supplier of iron ore during the month was Brazil. The imports from Brazil totaled 14.12 million mt in July '14, 7.6% higher over the previous year. When compared with the previous month, the imports from Brazil were 14.15% higher in July '14.