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SHANGHAI, July 10 (Reuters) - China, the world's top steel
producer and consumer, imported 230 million tonnes of iron ore
in the first half, up 22.5 percent from a year earlier, and
analysts said the momentum is not likely to ease in the second
half. Most iron ore mines in northern Chinese provinces, which
account for the bulk of domestic output, have halted production
ahead of the August Beijing Olympics, forcing local steel mills
to source more imported ores, they said. "It is very likely that some steel makers in northern China
are building up stocks for their production during the Olympics
period," said Macquarie Bank analyst Henry Liu. China imported 37.79 million tonnes of iron ore in June,
down 2.9 percent from 38.91 million tonnes in May, the customs
administration said on Thursday. China imported a record 42.85
million tonnes in April. The massive inflows helped to push inventories in China's
major iron ore ports to an all-time high of 80 million tonnes
in May, spurring Beijing to call on major steel mills to clear
out their holdings in port warehouses. Port stockpiles had eased to about 60 million tonnes as of
early this week, industry sources said. Strong demand from China's steelmakers also led to a near
doubling of iron ore prices in term contracts recently
concluded with Australian miners Rio Tinto (RIO.AX: Quote, Profile, Research, Stock Buzz)(RIO.L: Quote, Profile, Research, Stock Buzz) and
BHP Billiton (BHP.AX: Quote, Profile, Research, Stock Buzz)(BLT.L: Quote, Profile, Research, Stock Buzz). MINE CLOSURE China's northern province of Hebei, surrounding Beijing, is
home to one-fifth of the country's estimated 550 million tonnes
of steel production capacity, as well as hundreds of small and
medium-sized iron mines that supply nearly half of the nation's
domestically produced iron ore. Hebei province produced more than 300 million tonnes of
iron ore in 2007. Many steel mills are likely to start consuming imported ore
in large volumes in August, they said, as steelmakers usually
keep raw material reserves for 30 to 45 days of production. Industry sources added that bureaucratic delays may hamper
the reopening of closed mines in northern China after the
Olympic Games end on Aug. 24. "I am afraid that my mine will not be able to reopen soon
after the Olympics, as controls on transportation and
production are expected to continue for a while until orders
from the central government reach the localities," said the
owner of an iron mine in Hebei with annual production capacity
of 30,000 tonnes. China's steel product exports retreated unexpectedly in
June to 5.22 million tonnes from May's 10-month peak of 5.56
million tonnes, due to worries over trade conflicts and
possible export tax hikes. (For details please click
[ID:nSHA310657]) Below is a table of the Chinese iron and steel sector's
imports and exports in June and the first six months of 2008. June Jan-June mln tonnes pct chg* mln tonnes pct chg*
Exports:
Steel products 5.22 - 26.94 -20.2
Steel billet 0.02 - 0.13 -97.0
Coke 1.50 - 7.44 -7.5
Imports:
Steel products 1.26 - 8.28 -4.1
Steel billet 0.02 - 0.10 -28.5
Iron ore 37.79 - 230.04 22.5
* percentage change year-on-year
- not available
Source: China Customs Administration data
(Additional reporting by Niu Shuping; Editing by Edmund
Klamann)
