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China's iron ore imports increased by roughly 0.5% in March compared to the previous year, according to customs statistics released on Friday, amid predictions that demand will pick up after the Lunar New Year holiday break, when steelmakers normally increase production.
According to figures from the General Administration of Customs, the top consumer of iron ore in the world imported 100.72 million metric tonnes (MMT) of the essential component for steelmaking last month. In February 2023, 97.51 million tonnes (MT) were imported, while in March 2023, 100.23 MT were imported.
The relatively high level of imports was most likely driven by hopes that steel mills would resume production in March, hence increasing ore demand, according to Chu Xinli, a Shanghai-based analyst at China Futures. But demand was much weaker-than-expected last month, which together with the high imports contributed to a pick-up in portside stocks and a steep drop in prices.
Iron ore inventories at major Chinese ports rose 5.3% to 142.1 MMT by the end of March, the highest since late February 2023, data from consultancy Steelhome showed. China's iron ore imports in the first quarter of 2024 totalled 310.13 MT, up 5.5% from a year earlier, customs data showed.
With domestic demand not recovering as much as expected, China's exports of steel products rose by 25.35% in March year-on-year to 9.89 MT, the highest since July 2016. The March volume brings the total in the first quarter to 25.8 MT, the highest for the period since 2016, a rise of 30.7% year-on-year, customs data showed.
China's imports of steel products in March declined by 9.26% to 617,000 tonnes, with the total for January-March falling 8.6% year-on-year to 1.75 MT.
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