CHINA'S IRON ORE IMPORTS SURGE TO A RECORD 96.27 MILLION T

China’s December iron ore imports surged 17 per cent from the previous month to a record 96.27 million tonnes, customs data showed on Wednesday, as global miners increased output and shipments to the world’s top consumer.

Full-year shipments rose 2.2 per cent to 952.72 million tonnes, according to data from the General Administration of Customs.

But global miners can expect a decline in demand this year as China’s steel sector further curbs output, hit hard by a slowing domestic economy, tighter credit and government measures to curb pollution.

“Iron ore imports could fall slightly, as steel production in China will drop, while traders will also be reluctant to import iron ore due to the bearish outlook on iron ore prices,” said Wang Yilin, an analyst at Sinosteel Futures in Beijing.