China's iron ore imports rose last month to the highest level since January 2018, jumping 4.2% from July and 6.2% from a year earlier to 94.85M metric tons, Argus reports.
Imports fell to a record low in June on tight supply from Australia and Brazil, but supply concerns have eased considerably, with steel demand reasserting itself as a key determinant of China's iron ore prices.
Iron ore shipments from Australia's Port Hedland rebounded by 10.5% to 45.43M mt in August, and weekly iron ore shipments from Brazil hit the highest level since January 2018 in the week ended Aug. 12.
Increasing iron ore imports and expectations of more supply will limit the upside for iron ore prices in the near term, even though demand may rise during the September-October peak steel sales season in China, according to the report.
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