China imports more iron ore in July, but prices fall on weather issues
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Update time : 2024-08-09 15:40:29
According to statistics from the General Administration of Customs of China (GACC), China’s iron ore imports totaled around 713.8 million tons in the first seven months of this year, a year-on-year hike of 6.7%.
In July alone, China imported around 103 million tons of iron ore, 5.3% higher than imports in the previous month and also 10% higher than the figure last July.
In spite of month-on-month and year-on-year growth in July, the imports were still below the market analysts’ expected volume at 103-110 million tons. In addition, due to weak demand from the construction industry caused by hot weather and strong rainfall, iron ore prices had a decrease in July.
