China iron ore imports rose by 3.4% MoM in November, with the import volume anticipated to decrease in December

Per the General Administration of Customs data, October's iron ore and concentrate imports totaled 99.385 million mt, down 1.8% MoM, primarily due to reduced working days resulting from holidays.

Data from the General Administration of Customs showed November's iron ore and concentrate imports surging to 102.743 million mt, up 3.4% MoM. The cumulative import volume from January through November reached 1.078 billion mt, up 6.2% YoY. Despite fewer days in November, the import volume rose MoM due to: 1) reduced work efficiency from October holidays; 2) mines rushing to boost year-end output and shipping early; 3) late November's steel mill profit recovery and heightened iron ore demand after blast furnace operations resumed.

SMM anticipates a slight decline in December's import volume due to: 1) Demand side: December remains a peak maintenance period for blast furnaces, with an expected drop in pig iron daily output, causing a corresponding dip in rigid demand; 2) Supply side: Overseas workers starting their holidays mid to late December, resulting in reduced overseas supply.