China’s iron ore imports fell in March to their lowest level in 20 months, contributing to a 7.8% year-on-year decline in first-quarter shipments to around 285.31 million tons.
According to data released by Chinese customs on Monday, the world’s largest consumer of iron ore imported 93.97 million tons of the key steelmaking ingredient last month, the lowest level since July 2023 and below analysts’ expectations of 100 million tons.
This represents a 0.25% decrease from the 94.21 million tons imported in February, when cyclones in Australia, a major supplier, disrupted supplies. It also represents a 6.7% decline from the 100.72 million tons imported in March 2024.
Meanwhile, China’s steel product exports in March jumped 5.76% year-on-year to 10.46 million tons, amid concerns about escalating global trade tensions. This brought total first-quarter exports to their highest level since 2016 at 27.43 million tons, a 6.3% increase year-on-year.
