China, the world¡¯s largest buyer of iron ore, increased imports of the steelmaking ingredient to a record in November as traders replenished stockpiles.
Imports totaled 77.84 million tonnes last monthup from 67.83 mi0llion tonnes in October and 65.78 million tonnes a year earlier. Cumulative shipments in the first 11 months jumped 10.9% to 746.1 million tonnes.
Mr Andrew Harding iron ore CEO at Rio Tinto Group said that ¡°Iron ore entered a bull market in July as users in China increased stockpiles that shrank in March to the lowest level since 2009. The market¡¯s supply and demand outlook is positive as producers globally struggle to deliver larger volumes and demand in China continues to grow strongly.¡±
Mr Wu Wenzhang head of research at Shanghai Steelhome Information Technology Company ¡°Winter stockpiling looks to be undergoing strongly