Chinese raw materials import price up on weakening dollar

According to Ministry of Industry and Information Technology, China raw materials import price noses up greatly in recent days especially crude oil, iron ore and copper which surges over 40%. And aluminum products price even springs up by 87.3%.

The price increase should be attributed to weakening dollars which boosts bulk commodities market up globally. MIIT also announces a massive price increase in China’s raw materials import.

In the first three quarters this year, the average import price of crude oil rises by 38.8%YoY to USD 558 per ton, iron ore up by 56.3%YoY to USD 122 per ton, unwrought copper and copper products up by 51.6%YoY to USD 7,396 per ton, unwrought aluminum and aluminum products up 87.3%YoY, alumina up 42.2%YoY and primary plastics up by 29.3%YoY.

Compared with surging price, import quantity slips accordingly except oil. From Q1 to Q3, iron ore import dips 2.5% to 46 million tonnes, unwrought copper and copper products down 1.3% to 3.32 million tonnes, unwrought aluminum and aluminum products slides 63.7%YoY to 725,000 tonnes and alumina slips by 22.4% to 3.18 million tonnes.

（Sourced from MySteel.net）