August 8, 2013
Translated by Luo Shuqi

China imported a record 73.14 million tons of iron ore in July, according to trade statistics released earlier today by the General Administration of Customs.

This represents a 17.4 percent growth over the volume of the key steel making ingredient that was imported in June and a 26.7 percent increase on the amount imported in July last year.

The average price of iron ore imported during July was $118.47 USD a ton, 6.67 percent down on the average price of the commodity in June.

An analyst told a reporter with China Securities Journal that the rebound in domestic steel prices in July, persuaded many steel companies to lift output. This resulted in an increased demand for imported iron ore.

Trade Figures for July

Growth in Chinese exports and imports rose more than expected in July, a sharp recovery from the previous month. The value of foreign trade rose by 7.8 percent year-on-year, with exports up by around 5 percent compared with a year earlier and the value of imports increasing by over 10 percent.

The increases were an improvement on June's data, which revealed that exports had fallen 3.1 percent and imports had dropped 0.7 percent.

The trade surplus for July narrowed to $17.8 billion, down from June's $27.1 billion.

Links and Sources
China Securities Journal:7月铁矿石进口同比大增26.7%
Customs:今年7月份我国外贸进出口增长7.8%