China’s Iron Ore Imports to Extend Decline in January

SHANGHAI, Feb 10 (SMM) – China’s iron ore imports stood at 90.86 million mt in December 2022, up 5.6% YoY, but down 8.1% MoM. The imports totalled 1.11 billion mt in 2022, a year-on-year drop of 1.5%. The rainy season in Australia and Brazil disrupted the shipments in December. Coupled with the Christmas holiday overseas, China’s iron ore imports took a hit. Moreover, domestic steel mills were still suffering losses amid persistently high iron ore prices and a large number of end-user projects were halted, also contributing to lower imports. 

SMM predicts that China’s iron ore imports might have continued to fall in January, citing the weather-linked shipment obstacles in Australia and Brazil, alongside dampened market activities caused by the CNY holiday.