China’s Iron Ore Imports Rise Slightly in March
Increased Demand After Lunar New Year Break
China’s iron ore imports in March increased by approximately 0.5% compared to the previous year, reaching 100.72 million metric tons. This rise was attributed to the expected surge in demand following the Lunar New Year holiday, as steelmakers typically boost production post-holiday.
Portside Stocks and Price Drop
Despite the high import levels, demand in March was weaker than anticipated, leading to a buildup of iron ore inventories at major Chinese ports. Inventories rose to 142.1 million metric tons by the end of March, resulting in a decline in prices.
First Quarter Imports
In the first quarter of 2024, China imported a total of 310.13 million tons of iron ore, representing a 5.5% increase from the previous year. Factors contributing to high imports included minimal weather-related disruptions in shipments.
Steel Trade Dynamics
Domestic demand not meeting expectations led to a 25.35% increase in China’s exports of steel products in March, reaching 9.89 million tons, the highest since July 2016. Conversely, imports of steel products declined by 9.26% to 617,000 tons in March.
