From Mac Bank:
Iron ore import volumes had already been released with preliminary trade data earlier in the month, but the full release gave an indication of partner countries. At 74.96mt, imports were essentially flat YoY and are also flat YoY YTD. This raises the prospect that Chinese iron ore imports have their first down year since the 1990s. Within this, Australia and Brazil continue to gain market share, while imports from smaller supply continue to struggle. Chinese imports from ex-Australia, Brazil and South Africa are now <120mtpa, roughly half the level they were at the start of 2014. With Australia now running at >800mtpa, more will have to give to balance this market.
Next in line for losses are Australian juniors with breakevens around $50 so the next round of displacement will be here.
