China reduced iron ore imports by 2.1% y/y in January-November 2022

Steel companies of China in January-November 2022 reduced the import of iron ore by 2.1% compared to the same period in 2021 – to 1.02 billion tons. SteelOrbis reports about it with the reference to data from the National Bureau of Statistics of China (NBS).

In November 2022, China imported 98.85 million tons of iron ore, which is less 5.8% year-on-year. Compared to the previous month, the import of iron ore to China in November 2022 increased by 4.1%.

China’s finished steel prices showed signs of recovery in November, boosting demand for iron ore and contributing to a rise in iron ore imports last month. Along with steel prices, the price of iron ore began to rise.

As of December 2, 2022, iron ore quotation on the Dalian Commodity Exchange reached $112.1/t, which is 3.9% more compared to the previous week. Commodity prices began to rise after the Chinese government announced plans to ease quarantine restrictions in the country. In addition, measures were taken to help the real estate sector, which raised the mood of steel enterprises.

As GMK Center reported earlier, in 2021, steelmakers of China reduced the import of iron ore by 4.3% compared to 2020 – to 1.12 billion tons. Steel production in the country over the past year decreased by 3% – to 1.03 billion tons. China planned to continue reducing production of steel in 2022.