In October this year, iron ore imports in China decreased by 6.5 percent month on month, but were still five percent higher year on year, totaling 92.864 million mt.
In the January-October period this year, China’s imports of iron ore and iron ore concentrate amounted to 877.183 million mt, down 1.6 percent year on year, slowing from a decrease rate of 2.4 percent in the January-September period.
Import iron ore prices for China indicated a downward trend in October, falling from $94/mt to $84.21/mt due to slack demand amid production restriction measures for the heating season in winter and higher inventory levels of imported iron ore at Chinese ports. As of October 31, imported iron ore inventory at Chinese ports totaled 128 million mt, increasing by 6.67 percent month on month.
Since demand will likely slacken in the coming offseason during the colder winter weather, iron ore prices will likely edge down further amid the overall oversupply in the iron ore market.