In 2024, China’s iron ore imports reached 1.236546 billion mt, up 4.9 percent year on year, according to the latest data released by China's General Administration of Customs (GACC). This happened even though overall crude steel production posted a negative trend with a 2.7 percent decline in the first 11 months of the year. Iron ore port stocks in China have been at higher levels of 150 million mt, fluctuating around this level for around six months already, while interest in lower grade iron ore has increased. This means that structural changes are seen in the iron ore market and so the pressure on prices will persist.
In December last year, China’s iron ore imports amounted to 112.486 million mt, up 10.4 percent month on month and increasing by 11.53 percent year on year.
Iron ore prices indicated a downward trend in December, stimulating transaction activities in the given month.