Iron ore imports into China in October continued the downward trend like September due to limited steel output.

The world’s top iron ore consumer imported 91.61 million tons of iron ore in October 2021, compared with 95.61 million in September, according to data from the General Administration of Customs of China. In October 2020, imports in the past month also decreased by 14.2% after the government implemented environmental control measures and demand for steel products weakened.

According to GF Futures, China’s iron ore imports will fall by 5% to 7% in the second half of the year due to lower steel production. GF Futures expects that in the next few years, China’s energy consumption control measures will continue to weigh on the country’s crude steel output and also affect the demand for iron ore imports.
In the first 10 months of 2021, China imported 933.48 million tons of iron ore, down 4.2% year-on-year. The country’s steel exports in October were 4.5 million tons, down 8.5% month on month, but up 11.4% year on year. Steel imports in the same month fell 10% on the month, to 1.13 million tons, compared with 1.93 million tons imported in the same month a year ago.

The reference iron ore futures price on the Dalian bourse has halved from its record high of 1,227 yuan ($191.90) per ton in mid-May.

Source: Vinanet/VITIC/Reuters

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