China's iron ore imports hit a record high during January-June 2014

The latest data released by China Customs show that the country's iron ore imports reached their highest level in the first six months of this year. Imports grew by 19.1 percent compared to imports during the corresponding six-month period in 2013. Between January and June 2014, imports of iron ore totaled 457 million tonnes, according to customs data.

Australia was the largest exporter of iron ore to China in the first half of this year. The country's iron ore imports from Australia reached 256 million tons, accounting for 56.1 percent of total imports for the period. In second place was Brazil with exports to China of 80.4 million tons, which is almost 18 percent of total Chinese imports.

Iron ore imports to China from the Australian Port of Hedland showed a huge jump in the month of July this year. Imports from the port reached 30.57 million tons, up 50 percent over the previous year.

Meanwhile, the latest figures released by the China Iron and Steel Association (CISA) show that iron ore import licenses issued by the Ministry of Commerce dropped sharply during the month of July this year. Permits issued for the import of Brazilian and Australian ore decreased by 33.14 percent and 4.02 percent, respectively, compared to the previous month.