Chinese imports of iron ore from Australia jumped 33.5 percent in July 2014

The latest statistics released by the Chinese Customs Administration show that iron ore imports from Australia to the country increased significantly during the month of July 2014. Iron ore imports from Australia in July this year accounted for 67 percent of all Chinese imports.

The increase in imports is driven by an increase in discounts offered to Chinese buyers by Australian mining companies, including the Fortescue Metals Group (FMG). Discounts of up to 15 percent were offered on supplies of 56.7 percent Fe iron ore, prompting buyers to ramp up their purchases.

Chinese imports of iron ore during July this year amounted to 82.52 million tons. In addition, imports in July 2014 were 10.7 percent higher than in the previous month, when the country imported 74.57 million tons. Imports for the month were up 33.5 percent compared to imports in the same month last year.

According to the data presented, Chinese imports of iron ore from Australia in July 2014 amounted to 55.37 million tons. Brazil was the second largest supplier of iron ore to the country during the month. Imports from Brazil amounted to 14.12 million tons in July 2014, up 7.6 percent over the previous year. July imports from Brazil were 14.15 percent higher than the previous month.