Date: 2013-07-31

Iron Ore Imports By China Increase In July For First Time In Four Months

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.

Imports gained 8.5 percent to 51.2 million metric tons in July, from 47.2 million tons in June, according to data provided by the General Administration of Customs today. Imports fell 12 percent from 58.1 million tons a year earlier.

Chinese steel prices have risen for three straight weeks after falling 17 percent from an 18-month high on April 15, indicating demand for the metal is picking up. The Chinese government is closing old steel plants to curb pollution and has clamped down on the property market to prevent speculation.

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