China's Iron Ore Imports Skyrocketed In First Four Months Of 2023

Iron ore and concentrate imports totalled 385 million mt in the first four months of 2023, a year-on-year growth of 8.6%, according to Customs data. Iron ore and concentrates imports totalled 90.44 million mt in April, a year-on-year growth of 5.1%. On overseas supply, a hurricane in mid-April affected shipments from Australia.

The weakening domestic steel downstream demand in April had a certain impact on the enthusiasm of steel mills to purchase. Overall, the import volume of iron ore in April slid from March. SMM reported that 10 blast furnaces are expected to resume production in May, and 8 blast furnaces will undertake maintenance. Meanwhile, overseas supply will recover as overseas mines rush to make deliveries to meet their mid-year sales targets. As such, SMM expects iron ore imports to grow in May.

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