China imported 91.98 million mt of iron ore in November, up 12% year on year and 13.7% from the previous month, according to data released Tuesday by the General Administration of Customs.
Demand for seaborne iron ore rose amid firmer steel prices, sources said.
Spot price of square billet in Tangshan, a closely-watched barometer of steel performance in China, stood at Yuan 2,650/mt ($383.58/mt) ex-stock on November 30, up Yuan 330/mt, or 14.2%, from Yuan 2,320/mt on November 1.
The Tangshan billet price increased to Yuan 3,110/mt ($450.16/mt) ex-stock Tangshan as of Monday.
More Chinese mills, especially those located in the northern part of the country, have stepped up their restocking activities ahead of winter and this also led to an increase in demand for seaborne ore, sources added.
