China's Iron Ore Imports Increase in July

Strong demand from steelmakers drives imports higher

Key Points:

• China imported 102.81 million metric tons of iron ore in July, up 9.9% from a year earlier.
• The country accounts for about 75% of global seaborne iron ore imports.
• Strong demand from steelmakers, who are ramping up production to meet demand for construction and infrastructure projects, is driving the increase in imports.

China's Iron Ore Imports by Month (2023)

In May, China imported 102.3 million metric tons of iron ore, a 2.5% increase from April. In June, imports remained above 100 million metric tons for a third straight month, reaching 104.48 million metric tons. This growth continued in July, with imports reaching 102.81 million metric tons.

Global Iron Ore Market Outlook

The global iron ore market is expected to remain strong in the coming months, as demand from China is expected to continue to grow. The World Steel Association forecasts that global steel demand will increase by 2.2% in 2023, which will support demand for iron ore.

Conclusion

China's iron ore imports are continuing to grow, reflecting the country's strong demand for steel. This is good news for the global iron ore market, as it indicates that demand for the key steelmaking ingredient is healthy. With the steel industry expected to continue to grow in the coming months, demand for iron ore is likely to remain strong.