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LAUNCESTON, Australia - Iron ore has emerged as the surprise in China's first quarter commodity imports, with arrivals posting strong gains despite the gloom surrounding the key property construction sector.
Crude oil imports rose 0.7% in the first quarter to 137.36 million tons from the same period last year, equivalent to about 11.02 million barrels per day . One of the factors that has changed in the first quarter is that China's portside inventories of the key raw material used to make steel have risen sharply.
It's most likely that demand expectations have been positive, as the rise in inventories has been sustained and constant in the past five months.Another possible factor is China's steel mills are trying to build a larger iron ore stockpile in order to give them some flexibility in trimming imports if they deem prices have risen too high, or too quickly.
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