{"id":1195752,"date":"2020-07-14T13:36:05","date_gmt":"2020-07-14T18:36:05","guid":{"rendered":"https:\/\/www.mining.com\/?p=1029701"},"modified":"2020-07-14T13:36:05","modified_gmt":"2020-07-14T18:36:05","slug":"iron-ore-price-jumps-to-year-high-as-chinese-imports-soar","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1195752","title":{"rendered":"Iron ore price jumps to year high as Chinese imports soar"},"content":{"rendered":"

Iron ore prices were hitting one-year highs on Tuesday as the economic recovery in China, where more than half the world’s steel is forged, surpasses even the most bullish expectations.<\/p>\n

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We see potential for China to have been 60-70% of global metals demand in June \u2013 never before have we seen one country so dominant<\/p>\n

BMO Capital Markets<\/cite><\/p><\/blockquote>\n<\/figure>\n

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were exchanging hands for $112.48 a tonne on Tuesday, up 22% since the start of the year. <\/p>\n

China’s iron ore imports jumped 17% in June from the May total to hit the highest level since October 2017 according to customs data released overnight.\u00a0<\/p>\n

Cargoes of the steelmaking ingredient totalled 101.7m tonnes last month compared to just over 87m tonnes in May, and up 35% from June 2019.\u00a0For the first six months of 2020 shipments reached 547m tonnes, up 9.6% compared to 2019.\u00a0<\/p>\n

At the current pace, 2020 full year total would handily beat last year’s 1.069 billion tonnes, which was just below 2017’s record 1.075 billion tonnes.<\/p>\n

In a note BMO Capital Markets estimates that China accounted for over 75% of global seaborne iron ore imports during the second quarter of this year.<\/p>\n

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\"\"<\/figure>\n<\/div>\n

BMO said when coupled with resilient domestic production of commodities the robust import numbers “point to extremely strong Chinese apparent demand figures in June”: <\/p>\n

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Given ex-China weakness, we see potential for China to have been 60-70% of global metals demand in June \u2013 never before have we seen one country so dominant, though with ex-China recovery we expect this trend to reverse in Q3.<\/p>\n<\/blockquote>\n

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RELATED: <\/strong>Chinese copper imports hit record high, price nears $3\/lbs<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Chinese iron ore imports hit 33-month high in June, on pace for record year.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369,4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1195752"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1195752"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1195752\/revisions"}],"predecessor-version":[{"id":1195789,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1195752\/revisions\/1195789"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1195752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1195752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1195752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}