China's iron ore imports fell for a second consecutive month in November, dipping to 98.15mn t. Imports were down by 8pc from October but up by 8.3pc from a year earlier, preliminary customs data released today showed. Total iron ore imports in January-November increased by 10.9pc from the same period in 2019 to 1.07bn t. Iron ore imports from top suppliers Australia and Brazil both decreased last month, helping support prices in the Chinese market. The Argus ICX 62pc index rose by 12.8pc over the course of the month, from $117.45/dmt on 30 October to $132.50/dmt on 30 November.
Brazil's iron ore exports to China fell by 8.9pc to 23.2mn t in October after hitting a record high in September, according to Brazilian customs data. Shipments from Brazil usually take around 45 days to reach China, so the last of the October-loading exports will arrive in China next week. Australia exported 60.58mn t of iron ore to China in October, up slightly from September. And November was likely the weakest month for Australian iron ore shipments since February, with total exports potentially falling below 70mn t, according to collated by Argus. "The import volume of around 98mn t for November was not very bad, as it was in line with the average over January-November," a buyer for a mill in Hebei province said. "The main factor supporting iron ore prices was still the high operating rates at steel mills amid the good downstream demand."