China's October iron ore imports fell 4.3% MoM, with further decline in November amid softening demand【SMM analysis】

Published: Nov 10, 2025 14:20

Save

In October, China imported 111.309 million tonnes of iron ore and its concentrate, down 5.017 million tonnes from the previous month, down 4.31% month-on-month, and up 7.19% year-on-year. From January to October, the cumulative import of iron ore and its concentrate was 1028.886 million tonnes, up 0.7% year-on-year.

The import volume of iron ore in October declined slightly, mainly because some steel mills and traders declared and prepared goods in advance before the National Day holiday, and some goods had been counted in September. Meanwhile, steel mills in Hebei province were affected by environmental protection policies in late October, with more maintenance and furnace shutdown, which led to a decline in imports in October.

Looking ahead to November, as the northern region enters winter, the demand for steel in the construction industry has weakened, and the poor shipment of steel mills has led to increased inventory pressure. In addition, the northern region has entered the heating season, and environmental protection and production restrictions are frequent, which is expected to lead to consistent blast furnace production. At the same time, the further rise in coke prices has led to increased losses for steel mills, and some steel mills may have further production reduction plans. Taking into account the comprehensive consideration, it is expected that the overall demand for iron ore will further weaken in November, and the import volume may also decline accordingly.

China Iron Ore Import in October 2025:

iron ore Import and Export

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

13 hours ago

5.8 SMM Global Steel Daily Report

[EU] European HRC buyers largely paused new bookings while waiting for clearer details on the EU’s upcoming import quota allocation system. Transactions in Northern Europe were reported at €670-690/t ex-works for July-August delivery, while Italian domestic offers remained around €700/t delivered. Downstream demand stayed weak amid high inventories across ports and supply chains. Import offers remained limited and mostly uncompetitive as Asian mills resumed operations with higher prices, narrowing the gap between domestic EU prices and import costs after including CBAM expenses.

13 hours ago

Forecast for Next Week: Ferrous Metals Expected to Fluctuate at Highs in the Short Term [SMM Steel Industry Chain Weekly Report]

After the holiday, ferrous metals opened higher, but subsequent trends diverged—steel products and iron ore fluctuated at highs, while coke surged before pulling back. The strong rally during the week was mainly driven by disturbances outside China. During the holiday, the US-Iran standoff escalated with widening negotiation gaps, pushing raw materials to lead the gains in ferrous metals. Combined with capital inflows after the holiday, this provided a clear upward drive for prices. In the latter half of the week, market rumors suggested that Iran and the US had reached a consensus on easing the US naval blockade in exchange for the gradual reopening of the Strait of Hormuz, and bears increased their positions in coke. Data on the five major steel products were released, showing weakness in both supply and demand, with inventory not accumulating after the holiday. On the spot market side, traders had a strong willingness to hold prices firm, and purchases were made in both futures and spot cargo at low price levels...

13 hours ago

[SMM Zhangjiagang HRC Inventory] Zhangjiagang Inventory Declined WoW This Week

Zhangjiagang HRC port inventories stood at 316,000 mt this week, down 5,000 mt WoW, a decline of 1.56%; the YoY decline was 19.80% on a solar calendar basis and 22.93% on a lunar calendar basis.

13 hours ago