China eases back from record iron ore imports

China’s iron ore imports fell 10.9 per cent in August from a month earlier, easing from a record high on fewer shipments from big miners and port congestion.

The world’s top iron ore consumer brought in 100.36 million tonnes of iron ore last month, according to data issued by the General Administration of Customs on Monday.

That compared with a purchase of 112.65mt logged in July and was up 5.8 per cent from the same period a year earlier.

In the first eight months of the year, China imported 759.91mt of the steelmaking ingredient, rising 11 per cent from the January-August period in 2019, according to the customs data.

Meanwhile, China’s overall exports rose for the third consecutive month in August as more of its trading partners relaxed coronavirus lockdowns in a further boost to the recovery in the world’s second-biggest economy.

Exports were up a solid 9.5 per cent from a year earlier, customs data showed, marking the strongest gain since March 2019.

The figure also beat analysts’ expectations for 7.1 per cent growth and compared with a 7.2 per cent increase in July.