According to the National Development and Reform Commission (NDRC) of China, the country's iron ore imports totaled 686 million mt in 2011, with the average import price for the whole year at $163.8/mt, up 10.9 percent and 27 percent year on year, respectively. Chinese iron ore imports in the months of November and December last year amounted to 64.2 million mt and 64.09 million mt respectively, both exceeding the average monthly volume for the year of 57.17 million mt.
The significant rise in iron ore import volumes in China in November and December was mainly due to a softening of import prices in the given months. In November, China's average price of imported iron ore was $162.1/mt, declining to $ 141.2/mt in December. Moreover, with the weakening demand for iron ore in the global market, the average iron ore import price in China may continue to trend down.