Chinese Iron Ore Imports Hit Fresh Peak in 2023

SEATTLE (Scrap Monster): The most recent Customs data suggests significant jump in Chinese iron ore imports during the previous year.

The imports of iron ore by the country totalled around 1.18 billion metric tons in 2023, said the data published by the General Administration of Customs. This is higher by 6.6% when compared with the imports during 2022. The iron ore demand remained strong amid lack of steel output caps and robust steel exports during the year.

ALSO READ:

Rio Tinto Puts Cost of Giant Guinea Iron Ore Mine at $6.2 Billion

Nippon Steel to Hunt for More Coking Coal, Iron Ore Assets

Beijing had introduced cap on its annual steel production in 2021 and 2022, which in turn had resulted in dip in iron ore purchases. The imports had recorded year-on-year decline by 3.9% and 1.5% in 2021 and 2022 respectively.

The imports in the month of December 2023 alone totalled 100.86 million tons, slightly down by 1.83% from 102.74 million tons during the prior month. However, the imports stood higher upon comparison with 90.86 million tons of import during the same month a year before.

The country exported 7.73 million tons of steel products in December last year. The full year 2023 steel shipments surged higher significantly by 36.2% year-on-year to hit 90.26 million tons- the highest in seven years.

Meantime, the steel products imports totalled 665,000 tons in December 2023. The imports totalled 7.65 million tons in 2023, down by 27.6% from 2022.