[SMM Import Volume Analysis] December Iron Ore Imports Hit a New High, Expected to Decline in January

SMM, January 13, 2025: According to statistics from the General Administration of Customs of China, in December, China imported 112.486 million mt of iron ore and its concentrates, an increase of 10.624 million mt from the previous month, up 10.43% MoM; up 11.53% YoY. From January to December, the cumulative imports of iron ore and its concentrates reached 1.2382 billion mt, with a cumulative YoY growth of 4.9%.

Both the YoY and MoM import volumes of iron ore in December showed significant growth. The main reasons include: firstly, an increase in steel mill orders, primarily for long-term contracts and US dollar-denominated resources. Secondly, as the fiscal year-end approached, major mines expedited shipments to meet annual targets, leading to an increase in shipment volumes. Additionally, considering the rising demand from steel mills before and after the Chinese New Year, traders slightly increased their procurement volumes when imported ore prices were relatively low. Under the combined influence of these factors, December's iron ore import volume saw a substantial increase.

Looking ahead to January, some long-term contract shipments and US dollar-denominated orders originally scheduled for December may be delayed to arrive in January. Furthermore, as the Chinese New Year holiday begins in late January, customs clearance processes may be affected during the holiday period. Therefore, the import volume in January is expected to decline.

Chart-1: China's Iron Ore Import Volume

Data Source: General Administration of Customs of China

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