BEIJING (Commodity Online) : China’s General Administration of Customs on Monday said country’s iron ore imports in October dropped to 45.47 million tons, down 19.08 million tons or 30% from the previous month.

In a statement issued here, the GAC however said iron ore imports in October were 48.5% more than in the same month of last year.

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Market analysts have said that the month-on-month plunge in iron imports in October was due to a decline in steel prices in August and September and that the country's iron ore imports will rebound as iron ore prices have been rising since mid-October.

In the first ten months of this year, China's iron ore imports increased 36.8% year on year to 514.81 million tons, while the cost of the iron ore imports fell 24.7% to $40.37 billion.

China's steel exports were 2.71 million tons last month, up 9.7% from September, reflecting growth for the fifth consecutive month.