CHART OF THE DAY: China's Still Buying Iron Ore

Incoming Australian Finance Minister Andrew Robb said over the weekend that the Coalition was going to “reboot” the mining boom.

What he might have picked up on – which the previous government has not – is that the mining boom may not be the boom it was, but it is still a historical boom.

Take today’s chart from the ANZ Commodity Strategy team of Chinese Iron Ore Imports:

The ANZ says:

Chinese commodity trade figures remained impressively strong in August, after figures released on Sunday showed imports rising 7.0% y/y. Iron ore continued its strong run with August imports at 69m tonnes posting another seasonal record for the year. In the calendar year-to-date, iron ore imports are 8.3% higher than 2012. September usually shows an increase from August, so we could see an all-time record for Chinese iron ore imports sometime in Q4.

Good news for Australia, our miners and our mine workers.

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