Iron ore imports in China increased by 2.8 percent year on year, reaching 181.506 million mt, in the January-February period of the current year, shifting from a year-on-year decline of 4.5 percent in December 2020, as announced by the Chinese customs authorities on March 7.
In the January-February last year, China had imported 176.844 million mt of iron ore, up 1.5 percent year on year.
Import iron ore prices for China declined in January and early February, falling to the lowest level of $149/mt CFR on February 2, while they subsequently increased during the remaining period of February, reaching their highest level of $176/mt CFR on February 26. Due to the production restrictions in Tangshan, demand for iron ore is expected to be lower in March. However, iron ore prices will receive some support after the “two sessions” held by China’s political leadership in Beijing amid the anticipated improvement in steel demand during the traditional peak season.