November 8, 2019 / 4:48 AM / 6 days ago

INSTANT VIEW 1-China's Oct iron ore imports fall for first time since June, crude imports rise to record

Nov 8 (Reuters) - China’s imports of iron ore in October fell for the first time since June, while shipments of crude oil rose to a record, according to data released on Friday by China’s General Administration of Customs.

KEY POINTS:

* CRUDE: China Oct crude oil imports at 45.96 million tonnes

* SOYBEANS: China Oct soybean imports at 6.18 million tonnes

* IRON ORE: China Oct iron ore imports at 92.78 million tonnes

* COPPER: China Oct unwrought copper imports at 431,000 tonnes

* COAL: China Oct coal imports at 25.43 million tonnes

* Preliminary table of commodity trade data IRON ORE COMMENTARY: DANIEL HYNES, SENIOR COMMODITY STRATEGIST AT ANZ: “Clearly (iron ore imports are) still been impacted by the mine closures in Brazil, overall we are nowhere near back to full capacity so this results in weaker imports into China. On a month-on-month basis we saw a decline which suggests that we’re still got some issues around demand as well. “Steel mill margins were weak over the past few weeks, which no doubt weighed on demand from the steel sector itself. It’s a lot of issues swirling around at the moment but there is some sign of softness in demand. But I’m not expecting it to be a structural shift. “The sector is showing signs of stabilizing. Margins have picked up slightly in past few days. If there is some hope of better demand in the medium term, and if we see a trade deal, steel mills might be more comfortable to be restocking iron and boosting steel input.” COMMENTARY ON CRUDE OIL: JOEY CHEN, OIL CONSULTANT AT FGE “Strong refining margins in August prompted both national oil companies and the independents to ramp their crude purchases, which mostly were reflected in October data.” (Editing by Christian Schmollinger & Kim Coghill)

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