Data released by the General Administration of Customs of China on Saturday showed that China’s iron ore imports fell by 1% month-on-month in July, a fourth consecutive month of decline, as measures to cut steel output suppressed demand for iron ore.
According to customs data, China imported 88.506 million tons of iron ore and its concentrate in July, with a value of 114.96 billion yuan.
Imports in July were lower than the 89.417 million tons imported in June, and well below the record high of 1164.7 million tons set in July 2020.
China imported 649.025 million tons of iron ore and its concentrates from January to July, a year-on-year decrease of 1.5%. The average import price was 1116.1 yuan per ton, an increase of 69.5%; the amount was 724.41 billion yuan.
The cooling of China’s iron ore demand was affected by the strengthening of the control of steel production by the regulatory authorities at the end of June.
Shipments from major miners around the world have been affected by severe weather, labor shortages and other issues.
Rio Tinto Mining Group currently expects annual iron ore shipments to be close to the low end of its annual target.ValeThe report released on July 20 showed that its iron ore production guidance for 2021 was 315 million tons-335 million tons.
The data released by the General Administration of Customs also showed that China’s steel imports in July were 1.049 million tons, with a value of 9.10 billion yuan.
From January to July, steel imports were 8.397 million tons, down 15.6% year-on-year, and the average import price was 7929.4 yuan per ton, up 29.7%; the amount was 66.59 billion yuan.
The data also shows that China’s steel exports in July were 5.669 million tons, an increase of more than 35% year-on-year, and the amount was 48.74 billion yuan.
China’s steel exports from January to July were 43.051 million tons, an increase of 30.9% year-on-year, and the amount was 287.71 billion yuan.
According to China News Agency’s previous report, the Customs Tariff Commission of the State Council of China issued on July 29announcementFrom August 1, 2021, the export tariffs of ferrochromium and high-purity pig iron will be appropriately increased, and the export tax rates of 40% and 20% will be implemented after adjustment.
On the same day, the Ministry of Finance and the State Administration of Taxation issued an announcement to cancel the export tax rebate for related steel products.
According to the announcement issued by the Ministry of Finance and the State Administration of Taxation, starting from August 1, 2021, China will cancel export tax rebates for steel products such as steel rails and related types of steel coils. The specific execution time shall be defined by the export date indicated on the export goods declaration form.
(Source: Wenhua Finance)
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