China Bans Low-Grade Iron Ore Imports

Traders Banned from Importing Ore with less than 60% Fe

China has banned the import of all grades of iron ore with an iron content of less than 60%. The move was announced on Thursday by the China Chamber of Commerce of Metals, Minerals and Chemicals Importers and Exporters (CCCMC) and appears to be with immediate effect with reports of Indian shipments of 55% iron content already being turned away.

The move is expected to impact in particular on India’s iron ore mining industry as around 40% of the Indian iron ore exports are low grades. Almost all of India's exports go to China, which has imported 106 million tonnes of Indian ore in the last 12 months.