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Imports and Exports

Bulk ore from Africa to China still tracking well

15 May 2024 - by Staff reporter
 Source: AT Minerals
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Iron ore flows from Africa to China steadied, according to export data for the year’s first quarter (Q1), predominantly characterized by decreased tonnage from Brazil to markets in the Far East.

This was particularly the case for Capesize rates from Brazil to China at the beginning of April.

Although iron ore flows to China’s manufacturing sector are neither here nor there at the moment, and longer-term predictions remain uncertain, proposed stimulus packages by the government in Beijing will hopefully re-spark China’s flagging economy.

Trading towards the end of last week on China’s Dalian Commodity Exchange (DCE) seems to suggest an appetite for more raw mineral imports, with iron ore share prices closing 1.29% higher at $114.14 per metric tonne.

It was the highest stock price for iron ore on the DCE since last September.

Expectations are also muted though, as China’s Q1 growth is tracking lower than it was for the same period year-on-year.

According to Arcelor Mittal, iron ore exports from Africa to its biggest trading partner have been consistently strong over the last few months.

“The data for Q1 iron ore outflows from Africa to China indicates a significant increase in seaborne iron ore imports in China.

“In the first quarter of 2023, seaborne iron ore imports in China surged to 294 million tonnes, marking a 10% increase compared with the first quarter of 2022.

“This surge in imports set a new record for this period (2023 Q1 & 2), reflecting a substantial rise in iron ore shipments from Africa to China.”

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