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Japanese Iron Ore imports down 6 percent in November

 The trade statistics released by the Japanese Ministry of Finance (MoF) for the month of November this year indicates significant drop in iron ore imports by the country.

The Japanese iron ore imports during the month totaled 10.639 Million tonnes, 6.0% lower when compared with the imports during the same month a year ago. The country’s iron ore imports had totaled 11.313 Million tonnes during November 2014. The import prices averaged at ¥ 7,236 per tonne, nearly 34.3% lower year-on-year. The iron ore import prices had averaged at ¥ 11,006 per tonne during November 2014.

The largest exporter of iron ore to Japan during November this year was Australia. The imports from Australia totaled 6.385 Million tonnes, accounting for over 60% of the total imports by Japan during the month. The import prices of iron ore from Australia averaged at ¥6,674 per tonne during the month. The other key exporters of iron ore to Japan during Nov ’15 were Brazil (3.321 Mt at average price of ¥8,027 per tonne) and Canada (567,202 tonnes at average price of ¥7,640 per tonne).

The cumulative iron ore imports by Japan during the initial eleven-month period of 2015 totaled 119.520 Million tonnes, down marginally by 3.9% when compared with the imports of 124.326 Million tonnes during January to November in 2014. The average import prices were at ¥8,697 per tonne during the eleven-month period this year. The average import prices have declined sharply by 30.3% over the previous year.

The primary exporter of iron ore to Japan during Jan-Nov ‘15 was Australia. The imports from Australia totaled 71.997 Million tonnes, accounting for over 60% of the total imports by Japan during the period. The import prices of iron ore from Australia averaged at ¥7,934 per tonne during this period. The other key exporters of iron ore to Japan during the eleven-month period were Brazil (33.832 Mt at average price of ¥9,518 per tonne) and South Africa (5.287 Mt at average price of ¥11,197 per tonne).

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