‘Nothing happens in China by chance, which extends to its ac...
‘Nothing happens in China by chance, which extends to its access to raw materials… That’s why you should be observingiron ore importscarefully.
‘Strong numbers (in the face offalling steel production) will add weight to the theory that China is perhaps cutting steel production in a bid to drive down iron ore prices.’
‘Strong numbers (in the face offalling steel production) will add weight to the theory that China is perhaps cutting steel production in a bid to drive down iron ore prices.’
So, what’s the latest import data telling us?
Official customs data for August won’t be released until next week…given the pressure in the iron ore market, this will be one of the most anticipated releases in years.
However, early signals look positive.
Official customs data for August won’t be released until next week…given the pressure in the iron ore market, this will be one of the most anticipated releases in years.
However, early signals look positive.
Data from commodity analysts Kpler points to imports being thestrongest since January 2024!
Kpler estimates August imports at 109.1 million tons, the most since January’s 111.9 million:
Kpler estimates August imports at 109.1 million tons, the most since January’s 111.9 million:
If official data confirms these estimates next week, it will counter the narrative held by China bears.
After all, why would the world’s second-largest economyincrease importsfor this key industrial commodity against the backdrop of severe economic weakness? $BHP Group Ltd (BHP.AU)$ $Fortescue Ltd (FMG.AU)$ $Rio Tinto Ltd (RIO.AU)$
After all, why would the world’s second-largest economyincrease importsfor this key industrial commodity against the backdrop of severe economic weakness? $BHP Group Ltd (BHP.AU)$ $Fortescue Ltd (FMG.AU)$ $Rio Tinto Ltd (RIO.AU)$
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