China’s iron ore imports fall 1.91% MoM in Nov.

China’s iron ore imports fell by 1.91 per cent month-on-month in November to 101.86 million metric tons, down from 103.84 million tons in October, amid slowing shipments ahead of reduced winter steel demand, data from the General Administration of Customs showed on Tuesday.

Imports for the first 11 months of 2024 rose 4.3 per cent year-on-year to 1.124 billion tons.

Steel exports rose 15.9 per cent year-on-year in November to 9.28 million tons, although they fell 17 per cent from October’s nine-year high. Total steel exports from January to November reached 101.15 million tons, up 22.6 per cent year-on-year, and are on track to surpass the 2015 record.

Steel imports fell 11.8 per cent month-on-month in November to 473,000 tons, a 22.5 per cent drop year-on-year, bringing the 11-month total to 6.19 million tons, down 11.3 per cent compared to 2023. Analysts expect December imports to rise as miners push to meet annual targets.

Attribution: Reuters

Subediting: Y.Yasser