Iron Ore Rallies as China Imports Bust 100 Million Ton Level
- Clean-air push hurts local supply as demand for quality rises
- Steel, aluminum exports sag as producers keep more at home
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Iron ore imports by China surged above 100 million metric tons to a record, smashing the previous high set in 2015, as the country’s concerted push to clean up the environment stoked demand for higher-grade material from overseas while hurting local mine supply. Prices rallied.
Purchases of iron ore expanded to 102.8 million tons in September from 93 million tons a year ago, surpassing the previous record of 96.3 million tons in December 2015, according to customs data on Friday. Over the first nine months, imports climbed 7.1 percent to 817 million tons, putting full-year purchases on course to top 1 billion tons by a comfortable margin.