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Iron ore levels drop amidst plummeting imports in China

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Publish time: 13th January, 2014      Source: ChinaCCM
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Frigid winter has finally caught up with an effervescent iron ore market eclipsing new heights with each passing months. However December was different as imports dropped 5.7% in December, off the previous month's record-high, as slowing steel demand towards year-end curbed purchases of the steelmaking raw material in the world's top consumer.

But surging steel output through most of the year in the world's largest steel producer drove purchases of iron ore to a record-high in 2013.
Arrivals fell to 73.38 million tonnes in December, easing from the peak of 77.84 million tonnes in November, but up 3.4 percent from a year ago.

China imported a total 820 million tonnes of iron ore in 2013, surging 10 percent from 2012 .Chinese steel output climbed 8 percent to all-time high of 774.6 million tonnes in 2013.

However slow steel demand and falling finished prices have made mills weary of indulging in inventory build. The approaching spring festival in first week of February might see some surge towards month end as improved steel demand after the holidays might further kick start rally after holiday.