China Feb Iron Ore Imports Edge up to 49.38 mln T

BEIJING, Mar. 10 -- China's imports of iron ore rose 5.9 percent from January despite a week-long trade slowdown over the Lunar New Year, preliminary data released by China's customs authority showed on Wednesday.

Total imports reached 49.38 million tonnes over the month. The figure stood at 46.62 million tonnes in January, down a third from the previous month amid concerns about soaring spot prices, high inventories and a slowdown in steel demand over the winter.

The customs data saw little sign of a recovery in China's overseas steel markets, with product exports falling to 2.49 million tonnes in February from the previous month's 2.89 million tonnes. Imports slid to 1.14 million tonnes from 1.35 million tonnes.

Analysts suggest March iron ore imports could reach a new high as demand recovers and Chinese steel mills build up their ore inventories ahead of a much-anticipated increase in prices later in the year. The current monthly record was set in August last year, when China imported 64.55 million tonnes.

Stockpiles of imported ore at China's major ports reached 70.82 million tonnes last Friday, up around 5 percent compared with the beginning of February.

Prices of Indian iron ore on the spot market rose 4.6 percent in the week after the new year break, but have since stabilised at around $138 per tonne after threatening to surge beyond $140.