SHANGHAI, Sept. 16 (SMM) – Inbound shipment of iron ore to China is expected to rise in September, Shanghai Metals Market foresees.
“Expectation over consumption in high-demand period and low inventories will encourage domestic steel mills to import iron ore in September,” SMM says.
The upcoming holidays in China, the Mid-Autumn and National Day holidays, will also trigger a wave of stocking activity by domestic mills.
At present, spot supply at Chinese ports is tight, and ore traded via major platforms for September’s shipment is scheduled to arrive in large amounts in mid-to-late September.
China imported 74.12 million tonnes of iron ore in August, down 11.98 million tonnes or 13.91% on the month and 1.01% on the year, according to China Customs, with Jan.-Aug. imports totaling 613.28 million tonnes, down 0.2%.
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