BEIJING- China’s iron ore imports rose in March from relatively low levels a year earlier, customs data showed on Tuesday, with demand for the steelmaking ingredient underpinned by robust industrial activity.
The world’s biggest iron ore consumer brought in 102.11 million tons of the raw material last month, according to data from the General Administration of Customs, up 18.9 percent from March 2020.
In the first quarter, China imported 283.44 million tons of iron ore, up from 263 million tons over the same period last year.
“Iron ore imports just returned to a normal level from a relatively low base last year when shipments were affected by extreme weather in Australia and Brazil,” said CaiBiyu, analyst with GF Futures.
Demand for iron ore has been supported by robust steel consumption in the construction and manufacturing sectors.
Steel futures prices have surged to record highs of over 5,000 yuan ($763.58) per ton and prompting demand for iron ore.
“Despite production curbs in Tangshan, mills in other places could replenish stocks on peak season demand,” said Cai.
China’s benchmark iron ore futures DCIOcv1 have risen for three consecutive trading sessions and jumped more than 3 percent on Tuesday.
The customs data also showed that China exported 7.54 million tons of steel products and brought in 1.32 million tons last month.
In the first quarter, China’s steel exports rose 23.8 percent from a year earlier to 17.68 million tons.
Steel imports in the first three months of the year increased 17 percent on an annual basis to 3.72 million tons, according to the customs.
Meanwhile, China’s copper imports in March rose 25 percent from a year earlier, customs data showed on Tuesday, despite disruptions to shipments from top producer Chile.
Arrivals of unwrought copper and products totaled 552,317 tons last month, the General Administration of Customs said.
That was up from 441,926 tons in March 2020, when China’s economy was starting to recover from the coronavirus pandemic, and up 34.7 percent from a 13-month low of 410,040 tons in February.
Copper imports in the first quarter totaled 1.44 million tons, up 11.9 percent year-on-year.
That is the highest first-quarter amount since at least 2008, according to Reuters data.
Imports of copper concentrate, or partially processed copper ore, were 2.17 million tons in March, a record amount based on Reuters data. Imports were up 22 percent from 1.779 million tons a year earlier, and up 20.5 percent from 1.8 million tons in February.
