BEIJING - China’s iron ore imports rose 0.47% in 2019 from a year earlier, hovering below their all-time annual peak, fueled by strong demand at steel mills and a second-half recovery in shipments from big miners after disruptions earlier in the year.
In December, purchases of the steelmaking ingredient surged 11.7% from a month earlier to 101.27 million tonnes, according to Reuters calculations based on the customs data - the highest monthly import level in 27 months. Prices for benchmark iron ore futures on the Dalian Commodity Exchange soared almost 140% in 2019, squeezing profit margins at mills across China that were already hurt by slowing economic growth and a bruising trade war with the United States.
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