Chinese steelmakers sucking in Brazilian iron ore

Official data indicate that China imported 91.02 million tonnes of iron ore last month, most in any month since January, as Australian and Brazilian miners pumped up their exports, Reuters reports.

The news agency cites figures given by the Chinese General Administration of Customs on Thursday as showing that arrivals of iron ore surged 21 percent in July from the 40-month-low of 75.08 million tonnes in June.

The report says the amount of iron ore Brazil exported last month was the greatest for nine months, as Vale SA restarted production at its largest mine, which had been interrupted since January by a fatal accident elsewhere.

Chinese demand for iron ore will be unaffected by the trade war between the United States and China, Reuters quotes, Zhao Yu, an analyst at Chinese brokerage Huatai Futures, as saying.