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China’s Iron Ore Imports Rise in June Despite Steel Market Struggles
China’s iron ore imports rose sharply in June, reaching approximately 110 million tonnes—an increase of nearly 11% from May and the highest monthly total since December. The surge comes amid continued weakness in China’s steel sector, where output fell 6.9% in May and is down 1.7% for the year so far.
Analysts point to lower global iron ore prices and restocking by Chinese mills as key drivers of the increase. Iron ore futures in Singapore recently dipped to around $94 per tonne, their lowest in eight months, encouraging buyers to boost imports. At the same time, portside inventories had dropped to a 16-month low earlier in June, prompting replenishment efforts.
Despite the uptick in imports, China’s steel demand remains under pressure. The ongoing property sector slump and increased trade tensions—particularly rising U.S. tariffs—have weighed on domestic consumption. Rebar prices have fallen to their lowest levels since early 2020.
One bright spot is exports: China’s steel exports rose nearly 9% year-on-year through May, helping offset some of the domestic softness.
Still, with demand fundamentals weak, the sustainability of rising ore imports remains uncertain heading into the second half of 2025.
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