Chinese customs data released today show double digit gains for iron ore imports from record breaking 2016, but iron ore price is down 7% in three days.
The Northern China import price of 62% Fe content ore fell sharply for a second day in a row on Wednesday, giving up 2.6% to trade at $85.3 per dry metric tonne, the lowest in a month according to data supplied by The Steel Index.
After a 85% rise in 2016, the price of iron ore is up another 7% in this year and has more than doubled in value since hitting near-decade lows at the end of 2015.
While worries about supply and rising stockpiles have plagued the market, imports by China continued to strengthen in 2017 after hitting an all-time high last year.
Trade figures released on Wednesday showed China imported 83.5 million tonnes of ore in February, up 13% compared to last year.
