China’s Iron Ore Imports Close 2024 on a High Note

In December, China’s iron ore imports rose +10% MoM to 112.5Mt (+11.5% YoY), closing 2024 at 1.24Bt (+4.9% YoY) despite a challenged Chinese steel sector.

Chart in IG colours showing December iron ore data with three lines representing monthly imports for 2024 (yellow), 2023 (orange), and 2022 (grey). A grey shaded area highlights the 5-year minimum and maximum range. December 2024 imports reached 112.5Mt, showing a 10% MoM and 11.5% YoY increase, peaking within the chart's range.

December’s strong numbers reflect robust shipments from Brazil in Oct-Nov’24 and deals done in Sep’24 when prices neared $90/t. With prices thereafter rebounding well above $100/t, January arrivals are likely ease month-on-month.

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