China has imported a lot of iron ore and copper
by David Fleschen
In the aftermath of the trade talks, the Chinese trade statistics for September almost went down. Well burdened by the trade dispute, exports continued to decline. This was not due to the raw materials. For example, more steel and steel products were exported in September than in August. Raw material imports were even quite strong in September. According to data from the customs authorities, China has imported the third largest amount of iron ore in one month at almost 100 million tons. This is attributed to good demand from steel producers and higher supply on the seaward market. The world's largest iron ore producer from Brazil reported a 35% increase in its third quarter production compared to the previous quarter last night. Production will continue to recover after the failures due to the dam burst. In addition to iron ore, China also imported a large amount of copper in September - 445 thousand tons, or the largest volume since January. Seasonally, Chinese copper demand is rising after the summer months. In addition, China has severely restricted its imports of copper scrap since the middle of the year, with traders increasingly using copper refining and copper concentrates.
Source: Commerzbank Research, Photo: Fotolia