In the January-October period this year, China’s iron ore imports increased by 11.2 percent year on year to 868.462 million mt, with the year-on-year rise 0.4 percentage points faster than that recorded in the first nine months of the year, as announced by the Chinese customs authorities on November 8.
In October alone, China imported 106.742 million mt of iron ore, up 14.9 percent year on year, while down 1.66 percent month on month.
Iron ore prices moved on an overall downtrend following the long National Day holiday in early October, falling to their lowest level of $114/mt CFR during the month on October 26, while they edged up slightly at the end of October, reaching $118/mt CFR on October 31. Since production restrictions during the winter season and cold weather will likely negatively affect demand for iron ore, it is thought that import iron ore prices will likely move down by the end of November, though they will for some time be supported by stronger steel prices in China.