China reduced iron ore imports by 8.4% y/y in January-February

Analysts had expected a 10% drop in imports of these raw materials

China reduced iron ore imports by 8.4% year-on-year – to 191.36 million tons in January-February 2025. This is reported by Reuters with reference to customs data.

The average monthly volume is 95.68 million tons, compared to 112.49 million tons in December and the monthly average of 103.2 million tons in 2024. Overseas ore supplies to the country were restrained due to weather-related supply disruptions from Australia.

Analysts surveyed by the agency in February expected a drop in imports of this raw material by at least 10%. At the same time, they predict that in March it will exceed 100 million tons, as mining companies have increased supplies to meet quarterly and annual targets.

China’s steel exports in January-February, according to customs data, increased by 6.7% y/y – to 16.97 million tons, while imports of steel products in the period decreased by 7.2% y/y – to 1.05 million tons.

As a reminder, China increased iron ore imports by 4.9% y/y – to 1.24 billion tons in 2024. The country imported raw materials in record volumes for the second year in a row. In 2023, volumes amounted to 1.18 billion tons (+6.6% y/y). These results were achieved due to lower ore prices, which stimulated purchases, and strong demand driven by active Chinese steel exports, which exceeded 110 million tons in 2024.

As GMK Center reported earlier, global seaborne iron ore imports increased by 3.6% year-on-year – to 1.707 billion tons in 2024. The growth was almost entirely driven by China.