BEIJING, Dec 7 (Reuters) - China's imports of iron ore rose 4.1% in
November from the previous
month, customs data showed on Wednesday, as buyers stocked up before the end of
the year, in anticipation of Beijing's measures to support the struggling
property market.
The world's top consumer of iron ore brought in 98.85 million
tonnes last month, up from October's 94.98 million, the General Administration
of Customs said.
However, the arrivals were however sharply lower than the
November 2021 figure of 105 million tonnes, the highest in two years.
Beijing has recently stepped up support measures for property
developers, after many defaulted on debt obligations and were forced to halt
construction, hitting demand for steel.
The central bank outlined 16 such support measures last month,
while China's biggest commercial banks have pledged at least $162 billion in
fresh credit to free up a cash crunch that has stifled the sector.
From January to November, China imported 1.02 billion tonnes of
iron ore, down 2.1% on the year-earlier period.
Last month, its steel product exports were 5.59 million tonnes,
up from 4.36 million in November 2021.
Exports in the first 11 months of the year were up 0.4% on the
year, at 61.95 million tonnes.
(Reporting by Dominique Patton; Editing by Christian
Schmollinger and Clarence Fernandez)