China's iron ore imports fell 14 percent in February

Iron ore imports into the country dropped significantly in February 2015, according to trade statistics released by China Customs. The fall was nearly 14 percent when compared with imports in the same month last year.

In February, imports of iron ore to China amounted to 67.94 million tons. Imports decreased by 13.6 percent compared with imports for the corresponding month a year earlier, when it amounted to 78.62 million tons. Imported iron ore prices averaged $ 70.70 per tonne during the month, down slightly from $ 71.60 per tonne since January 2015.

The import of iron ore into the country during the first two months of this year amounted to 146.560 million tons. Aggregate imports in January-February of this year decreased by 0.9 percent compared to the corresponding two-month period in 2014. Iron ore imports into the country have had a steady decline during the first two months of this year. In January 2015, imports amounted to 78.6 million tons, decreasing by 9.5 percent compared to December 2014 and by 9.4 percent compared to January 2014. Imports continued to decline further in February.

Meanwhile, Chinese iron ore prices fell sharply in March. Average spot prices during the initial 10 days of the month were $ 60.79 per tonne. The latest statistics released in China by the CISA indicate that the iron ore index fell further 0.46 points during the week.