China Imports
10/04/2011 9:40 a.m. - Updated 10/04/2011 11.02
Import commodities from China is more expensive in March
Average price of iron ore imports rose 59.5% in first quarter
Since the value of soybeans in the same period increased by 25.7%.
State Agency
The printing costs of commodity imports from China rose strongly in March, affecting the commercial appetite of some commodity sectors even though the expansion of infrastructure stocks to have higher purchases of metals, customs data showed on Sunday (10).
The average price of imported iron ore rose 59.5% in the first three months of the year to $ 157 a tonne, while the value of soybeans in the same period increased 25.7% to an average of $ 574 per ton, despite a 12% drop in import volume in comparison with the previous year.
China imported 59.5 million tons of iron ore in March, up 22% compared to February and slightly more than in March last year, said the General Administration of Customs.
Steel mills have accelerated their pace of crude steel production to replenish inventories in the first quarter. The pace of imports of iron ore should grow at a faster rate in April, as spot prices fell 17% for three straight weeks since late February.
Mining companies, including giant Freeport McMoran Copper and Xstrata, citing optimistic outlook for Chinese demand in regard to building materials.
However, import volumes of soybeans in March were lower than expected at 3.51 million tons, about one-tenth less than the Ministry of Commerce estimated last month (3.91 million tons).
Global soybean prices have jumped this year due to predictions of a drop in planted area in the United States, reaching the highest level in two and a half years. The reserve growth in ports, currently at 6 million tonnes, also indicates a slowdown in demand for crushing, due to falling margins. The government controlled the domestic price of soybean oil in a bid to contain inflation. The information is of Dow Jones.
Name: Emanuele Maske Comex 301