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Behind China's unexpected March trade surplus was a surprise (to some) slowing in imports. With...

Behind China's unexpected March trade surplus was a surprise (to some) slowing in imports. With the excuse of the Lunar holiday out of the way, it's another sign of slowing domestic demand there. Iron ore purchases -9.1%, steel product -20%, both Y/Y. Increasing was the value of oil imports, +20% Y/Y, thanks to high Brent crude prices.
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  • Wildebeest
    , contributor
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    iron ore volumes were up. Strange that the impact of a rising value of oil is specifically mentioned but no commentary on the impact of iron ore prices of cumulative dollar value of imports.

     

    A year ago iron ore prices were at record highs -- I doubt any pundit or iron ore producer saw those prices as sustainable. With prices lower -- but still multiples of cash cost -- the value of imports a year later is off 9%. However import volumes rose 8%. Iron ore remains a license to print money at this stage.
    11 Apr 2012, 02:47 AM Reply Like
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