SMM1: China imported 96.746 million tons of iron ore and its concentrates in December, compared with 98.15 million tons in November, and imported 1.17 billion tons of iron ore in 2020, up 9.5 percent from 1.069 billion tons last year, according to data from the General Administration of Customs today. It is understood that 2020 will break through the all-time high of 1.075 billion tons of iron ore imports set in 2017.
Following a month-on-month decline in China's iron ore imports in November, iron ore imports continued to decline slightly in December. On the one hand, the number of imported mines in Hong Kong in December was basically stable compared with the previous month, and the operating rate of blast furnaces in domestic steel mills continued to remain high. On the other hand, with the approach of winter, the demand of some terminal industries is blocked, the sales of finished materials in steel mills are slightly weaker than the previous month, the purchasing rhythm of raw materials in steel mills is relatively general, and the demand for imported mines is affected.
Looking back at 2020, the increase in domestic infrastructure investment to boost demand, according to the report of "the Forecast of China's Iron and Steel demand" shows that China's crude steel output will exceed 1 billion tons for the first time in 2020, and steel consumption will reach more than 980 million tons, both of which will reach a record high. At the same time, iron ore imports broke through an all-time high in 2020. Looking forward to 2021, the analysis shows that China's economy will maintain a rapid growth rate, the pulling effect of asset investment will continue to strengthen, and the terminal demand for construction, machinery, automobile, energy and household appliances still has room to rise, and it is predicted that the total steel demand in China will increase slightly in 2021.