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According to the data released on Sunday by the General Administration of Customs, China’s imports of iron ore reached 181.5 million tons in the fist two months of 2021, up 2.8% from 176.6 million tons a year earlier.
The import growth is due to China’s strong outlook for iron ore consumption.
China’s import data growth is also within market expectations as exports to China from the two major suppliers grow steadily. According to shipping tracking data, Australia and Brazil shipped 164 million tons of iron ore to China in January and February, up 11% from a year earlier.
The China Iron and Steel Industry Association predicts a small increase in demand this year, boosting the industry’s popularity. But China’s Ministry of Industry and Information Technology has repeatedly urged steel companies to resolutely reduce crude steel production this year to achieve the goal of carbon neutralization by 2060. If the crude steel production really falls, considering scrap, iron ore demand may fall this year.
The national standards implemented by China in this year allow the imports of high-grade scrap and major domestic producers are developing scrap recycling this year.
According to customs statistics, China exported 10.14 million tons of steel in the first two months of this year, an increase of 30% over the same period last year. The imports of steel products were 2.4 million tons, up 17.4% from a year earlier.
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- [Editor:wenxin]
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