China Ore Imports from India Continue Decline in Oct.

BEIJING - The continuing decline in iron ore imports from India has forced China to source the key steelmaking component from further afield, according to data released by customs on Monday.

October imports from India stood at 2.91 million tonnes, down 39 percent since September and 44 percent compared with the same period of last year.

India accounted for 6.4 percent of China's total ore imports in October, down from 9 percent in September and almost 20 percent in May, before the monsoon season disrupted shipments.

Ore sourced from Brazil rose 3.3 percent in October to 11.78 million tonnes, while Australian imports fell 20 percent from September to 20.72 million tonnes.

Total imports in October stood at 45.715 million tonnes, down 13.1 percent compared with the previous month.

The big three suppliers accounted for 77 percent of total deliveries, down from 80 percent in September, with some of the slack taken up by Iran, Ukraine and Russia.

For a table detailing China's imports of iron ore by country in October,

India banned exports from the key iron ore producing state of Karnataka in July as part of a campaign against illegal mining, and the ban was upheld by court last Friday.

With Indian demand for iron ore set to surge as steel capacity increases, Chinese importers and end-users are expecting imports from India to decline steadily in coming years. (Reporting by David Stanway, Editing by Chris Lewis)

Source : af.reuters.com