Oct iron ore imports up 4.48 yy, down 0.28 mm,
Imports in JanOct up 4.9 yy
Steel exports in first ten months up 23.3 yy
Steel imports over JanOct down 10.1 yy
BEIJING, Nov 7 Reuters China39;s iron ore imports in October climbed by 4.48 from the prior year, official data showed on Thursday, as steelmakers39; margins improved thanks to Beijing39;s massive economic stimulus package spurring more buying.
China, the world39;s largest iron ore consumer, brought in 103.84 million metric tons of the steelmaking ingredient last month, according to data from the General Administration of Customs.
The figure takes the number of months so far this year when volumes exceeded 100 million tons to eight. It compares to 104.13 million tons in September and 99.39 million tons in October 2023.
China announced stimulus measures in late September to bolster its economy, and steelmakers39; margins improved as steel prices rose.
Ore demand picked up last month as hot metal output ramped up driven by drastically improved steel margins, contributing to the relatively high imports, said Zhuo Guiqiu, an analyst at Jinrui Futures.
The average daily hot metal output in October was 4.1 higher than in September, while around twothirds of Chinese steelmakers surveyed were operating at a profit in late October, versus less than a fifth at endSeptember, data from consultancy Mysteel showed.
Hot metal is a blast furnace product, typically used to gauge iron ore demand.
The imports in October…