China's iron ore imports reached a record level in September, totalling 64.55 million mt, up 14.87 million mt or 29.9 percent month on month and up 25.35 million mt or 64.7 percent year on year.
Local market players in China state that the 64.55 million mt of iron ore imports was booked mostly in July and August. At that time, domestic iron ore prices reached a peak for almost the previous 12 months as China's annual conract price negotiations with major global miners, including Rio Tinto, remained unresolved.
However, the country's iron ore imports are expected to fall during the rest of the year, as the decrease in Chinese steel prices has caused iron ore prices to decline and has had a negative impact on the iron ore trade. However, it is also mentioned that the falling prices could also slow down domestic iron ore production and boost imports.
Meanwhile, from January to September, China's iron ore imports came to 469.36 million mt, up 123.25 million mt or 35.6 percent compared with the same period last year.