China’s average freight rates for iron ore imports climbed 8.5% to USD15.8 per tonne in August from July, as average prices of iron ores dropped month on month in August.
The average price of iron ore imports fell by USD3.5 per tonne to USD57.1 per tonne in August from July, a report of the China Iron and Steel Association (CISA) said on 15 September.
Among the countries exporting the iron ores to China, the largest iron ore trade partners to China in August were Australia (ranked first) and Brazil (second).
The average freight rate for shipping a tonne of iron ore to China amounted to USD15.1 from Australia and USD16.4 from Brazil.
The average freight rates for iron ore produced in Mongolia, South Africa, Canada and Indonesia stood at USD27.9, USD18.6, USD12.6 and USD6.48 per tonne in August respectively.
CISA forecast that the domestic demand for iron ore will rise in the upcoming months, as the crude steel production in China rose 1.7% to 66.9 million tonnes in August from July.