According to a new report issued by the China Iron and Steel Association (CISA), as of December 31 last year, imported iron ore inventory at Chinese ports totaled 114.39 million mt, up 3.66 million mt month on month and rising by 18.31 million mt year on year.
According to the CISA, in the January-November period last year China’s pig iron output amounted to 643 million mt, up 2.36 million mt year on year, while China’s imports of iron ore totaled 935 million mt, rising by 78.99 million mt year on year, reflecting the ongoing oversupply in the market.
China is implementing steel production restrictions within the scope of environmental protection measures and demand for iron ore will likely decrease with approach of the Chinese New Year holiday. It is thought that iron ore prices will likely indicate a declining trend amid fluctuations in the coming period, the CISA stated.