In the January-October period this year, China imported 975.842 million mt of iron ore, up 6.5 percent year on year, as announced by the Chinese customs authorities on November 7. In October alone, China imported 99.385 million mt of iron ore, up 4.64 percent year on year, while decreasing by 1.8 percent month on month.
Import iron ore prices have moved on an overall uptrend as China’s issuance of additional special bonds worth RMB 1 trillion for 2023 in the October-December period bolstered market sentiments. At the same time, inventory of iron ore has been at relatively low levels, also providing support for prices. Following continuous rises in iron ore prices, China has urged market participants to be reasonable in transaction activities. Also, on November 7, Dalian Commodity Exchange (DCE) announced that open positions of non-member futures companies will be limited within 1,000 lots on the I2401, I2402, I2403, I2404 and I2405 contracts, aiming to cool down speculation in the market.
