2012年9月10日星期一

Imports of iron ore and other commodities sluggish Chinese demand magic fade

Import data released by the General Administration of Customs on the 10th August imports of major commodities iron ore compared with the previous month's low rebound, unwrought copper and copper products, crude oil and soybeans the chain fell significantly, showing that the marketdemand remains weak trend.

The statistics show that China's iron ore imports in August was 62.45 million tons, an increase of 5.68%, a growth of 7.91%.

In this regard, the researchers believe, because August imports of iron ore prices plunged, much larger than the same period of domestic ore decline, relative prices have obvious advantages for the domestic steel mills have increased the amount of imported ore for domestic ore almost stopped purchasing some steel mills imported ore ratio even increased to nearly 100%.

The analysis is expected, due to the larger spread inside and outside the mines, steel mills in the case of no significant drop in crude steel production, post will intensify efforts to procurement of imported ore, estimated recently imported ore price is expected to rebound slightly. However, in the case of obvious pressure port stocks are still at a high level, the overall market oversupply, the price of iron ore a sharp rebound is unlikely.

ANZ Global Markets, Greater China chief economist Liu Ligang, iron ore imports in August rose somewhat unexpectedly, at the same time, the amount of crude oil imports fell sharply to 12.5%​​. But the total value of imports of iron ore and crude oil imports were down 20.9% and 20.5%, respectively. Among the differences in fact reflect pre commodity prices sharply weakness.

Other commodity imports almost all the decline. Data show that crude oil imports in August was 18.4 million tons, 21.83 million tons compared with the previous month, imports dropped 16%; imports of copper and 355,800 tons of copper imports, imports 366,500 tons compared with July fall again; soybean imports 442 million tons, 5.87 million tons compared with the previous month's sharp decline of nearly 25%.

Liu Ligang, due to weak demand from China, while higher commodity inventory, the prospects for commodities remain cautious.

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