China’s iron ore imports increased by 2.7% from August and 2.9% year-on-year in September, reaching 104.13 million metric tons, the highest since January. Key points include:
Price Influence: Lower prices and expectations for improved demand during the peak construction season encouraged bookings.
Domestic Production Decline: Domestic iron ore output dropped by 9.4% year-on-year in August, prompting mills to increase seaborne purchases.
Future Outlook: Analysts predict that October imports will remain high due to a price recovery linked to China’s stimulus measures.
Steel Exports Surge: China’s steel exports rose by 25.93% in September compared to the previous year, totaling 10.15 million tons.
In the first three quarters of 2024, total iron ore imports reached 918.87 million tons, marking a 4.9% increase year-on-year.