Thursday, 12 Aug 2010
China Daily reported that iron ore imports by China, the largest buyer of the steelmaking ingredient rose for the first time in four months in July indicating steelmakers are restocking after depleting inventories.

According to data provided by the General Administration of Customs, imports gained 8.5% to 51.2 million tonnes in July from 47.2 million tonnes in June. Imports fell 12% from 58.1 million tonnes a year earlier.

Mr Hu Kai chief iron ore analyst with researcher UC361.com said "Steelmakers are restarting to purchase, bolstering prices. Demand growth would probably be limited with the government intensive measures to close plants and also because the outlook for the property market is still unclear."

Iron ore imports fell for the three months to June, as mills including Jiangsu Shagang Group Co and Nanjing Iron & Steel Co held off purchases because of high prices and a weakening steel market.

(Sourced from China Daily)