In The First 10 Months Of This Year, China's Mineral Product Imports Reached 2264.87 Million Tons, Up 16.8 Percent Year On Year

In the first 10 months of this year, China's mineral imports showed a sharp year-on-year growth. Data show that from January to October, China's mineral product imports were 2264.87 million tons, an increase of 16.8%. A spokesman for the China Chamber of Commerce for Metals, Minerals and Chemicals Importers and Exporters said that since the beginning of this year, China's economic operation has generally picked up and improved, and the demand for mineral products to meet the needs of domestic production is strong, which has become the main reason for the substantial year-on-year growth in mineral imports. Among the mineral products imported by China, the import volume of crude oil and liquefied natural gas achieved double-digit year-on-year growth.
Data show that from January to October, China's crude oil imports were 473.23 million tons, an increase of 14.5% over the same period last year. "Since the beginning of this year, China's demand for imported crude oil has increased, and crude oil imports have hit record highs, under the influence of the new capacity of domestic refineries and the decline of international oil prices." Jin Lianchuang crude oil analyst Han Zhengji said.
At present, Russia, Saudi Arabia, Iraq, Malaysia and the United Arab Emirates are the main markets for China's crude oil imports. "Since the beginning of this year, Russia has surpassed Saudi Arabia to become China's largest supplier of imported crude oil. At the same time, China has increased its imports of U.S. crude oil." Han Zhengji said.
Talking about the trend of China's crude oil imports, Han Zhengji believes that it is expected that in the next five years, the total production capacity of Chinese refineries is expected to further increase to 1 billion tons/year, so the demand for imported crude oil will continue to be released, and China's crude oil imports will increase.
More diverse sources of LNG imports
"Imports were 56.3 million tons, up 11.6 percent year on year." In the first 10 months, China's LNG imports grew rapidly. Wang Yafei, analyst of Jinlianchuang Natural gas, believes that there are three reasons for the year-on-year growth of LNG imports, first, the domestic economic situation has improved this year, and the demand for LNG terminal markets has been increasing; Second, the global natural gas market supply and demand tend to balance, and the international spot price of liquefied natural gas is low, which promotes the increase of domestic LNG imports; Third, since the beginning of this year, a total of about 11 new contracts of liquefied natural gas long Association began to implement, the total amount of about 6.4 million tons/year, driving the growth of LNG imports.
Since the beginning of this year, China has imported LNG resources from 19 countries, and Australia, Qatar, Malaysia and Indonesia are the main markets for LNG imports. In the first 10 months of this year, China imported 19.7 million tons of LNG from Australia, 13.27 million tons from Qatar, 5.64 million tons from Malaysia and 3.12 million tons from Indonesia.
"In the future, China's LNG imports will still maintain positive growth." Wang Yafie said that with the adjustment of China's coal to gas policy and the planned production of liquefied natural gas receiving terminals, natural gas consumption will maintain positive growth, which will drive the increase of LNG imports.
Iron ore imports continue to grow
Data show that iron ore imports from January to October were 976.04 million tons, up 6.5% year-on-year. China's iron ore imports are rising for a number of reasons. "On the one hand, the overall recovery of China's economy is better, the steel industry has shown strong development resilience, the first three quarters of steel production has increased year-on-year, and the demand for iron ore has increased; On the other hand, demand for iron ore is supported as the amount of scrap steel that can be imported continues to decrease." China Minerals and chemicals import and export Chamber of Commerce spokesman said.
Australia, Brazil, South Africa, India, Peru and so on are the main markets for China's iron ore imports. Data show that in the first 10 months, China imported 616.98 million tons of iron ore from Australia, 19.98 million tons from Brazil, 30.36 million tons from South Africa, 30.17 million tons from India and 16.33 million tons from Peru.
What is the future trend of China's iron ore imports? A spokesman for the China Chamber of Commerce for Metals, Minerals and Chemicals Importers and Exporters expects iron ore imports to continue to grow as China's economy grows steadily and demand for steel rises.