Exclusive China increased steel exports by 6.6% y/y in January-October

Iron ore imports increased by 0.7% year-on-year during the period

In January-October 2025, Chinese steel enterprises increased steel exports by 6.6% compared to the same period in 2024, to 97.74 million tons. This was reported by the China Iron and Steel Association (CISA) with reference to data from the Customs Service.

In October, Chinese steel producers exported 9.78 million tons of steel, which is 6.5% less than in the previous month. The average price was $684.4/ton (+0.8% month-on-month).

Steel imports to the Chinese market in January-October amounted to 5.04 million tons, down 11.9% y/y, and in October – 503 thousand tons (-8.2% m/m). The average price was $1,590/t, down 1.9% from the previous month.

Iron ore imports to China in the first 10 months amounted to 1.03 billion tons, up 0.7% compared to the same period in 2024. In October, the figure decreased by 4.3% month-on-month – to 111.31 million tons. The average price was $100.6/ton (+3.7% month-on-month).

Iron ore prices fluctuated within a limited range throughout October. On the Dalian Commodity Exchange, January futures rose 2% between September 30 and October 31, to $112.31/t, while on the Singapore Exchange, December contracts added 0.9% in price, ending the month at $106.2/t.

As GMK Center reported earlier, China reduced steel production by 1.7% compared to 2023, to 1.005 billion tons, in 2024. However, exports reached a record level of 110.72 million tons, which is 22.7% more than in 2023. The indicator continues to grow amid weak domestic consumption. Imports amounted to 6.8 million tons, down 10.5% y/y.