Preview: China iron ore, crude imports seen up in Nov on restocking
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Li Xinchuang, vice-secretary general at the China Iron and Steel Association, said last week that 2012 iron ore imports were expected to reach around 730 million tonnes, implying that overseas cargoes will hit around 65 million tonnes in November and December, up from 56 million tonnes in October.
Traders do not expect November soy imports to show any substantial recovery, even though shipments declined 18.9 percent in October, with crushing margins poor over the month.
Buyers canceled 500,000 tonnes of cargoes from the United States early in the month to avoid losses.
Still, local crushers are now facing shortages as the peak consumption season approaches, and buyers started to increase purchases in the second half of the month.
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