China Iron Ore Imports Rise on Expectations Prices May Gain

China, the world’s biggest buyer of iron ore, boosted purchases by 6.8 percent in July as steelmakers start to replenish stockpiles on expectations seasonal demand for the raw material in autumn may lift prices.

Imports climbed to 54.55 million metric tons last month, compared with 51.09 million tons in June, according to China’s General Administration of Customs. That’s 6.4 percent higher than 51.28 million tons of a year earlier, according to data compiled by Bloomberg.

China’s steel output in July fell 1 percent to 59.3 million tons from a month ago as power shortages affected some production, according to data released by the National Statistics Bureau yesterday. Steelmakers usually ramp up production in September and October as the power restrictions ease, stoking iron ore consumption and prices, analysts and traders said.

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- Posted: 2011-08-10 11:34:35

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