China's imports of iron ore fell to a 10-month low in February, customs dat...
BEIJING - China’s imports of iron ore fell to a 10-month low in February, customs data showed on Friday, curbed by a slowdown in trade during a week-long national holiday and a steep run-up in prices.
China celebrated its Lunar New Year in early February causing steel mills and traders to shut down business for holiday breaks of up to two weeks, which crimped ore demand. “The sharp drop on February iron ore also came as major iron ore suppliers reduced shipment due to hurricane weather.” Imports are likely to be curbed again in March as Chinese steel mills, especially in the north, are expected to cut output to comply with tighter environmental rules to improve air quality.
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