In October this year, China imported 94.975 million mt of iron ore, down 3.7 percent year on year and 4.75 percent month on month, as announced by the Chinese customs authorities on November 7. After an increase in September, iron ore import shipments declined in October due to the holidays early in the month and the overall reduction in steel production caused by different factors. First, the government imposed some restrictions to ensure cleaner atmospheric conditions for the Chinese Communist Party meeting on October 16, while later Covid-19 outbreaks and lower domestic demand led to a further slowdown of steel production.
In the January-October period this year, China imported 917 million mt of iron ore, down 1.7 percent year on year.
Since the weather will get colder and colder, market players believe that demand for iron ore may slacken amid the decreasing construction activities and sluggish demand for finished steel, and so iron ore imports may decline during the rest of the year.