China’s imports of raw materials levelled off in October, underlining a slight slowdown in growth for the world’s second-largest economy as tight monetary conditions start to filter through.
Official data released on Thursday showed that copper imports in October stood at 383,507 tonnes, virtually on par with September’s imports, which were at a 16-month high, while imports of iron ore, a key steelmaking ingredient, fell to 49.9m tonnes, the lowest since February.
China’s credit tightening and a slowdown in the construction sector prompted some Chinese steel mills to cut steel production last month. China’s overall steel production dropped 3.6 per cent in October, compared to September.
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