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China's domestic production of steel raw materials and imports of iron ore both increased significantly in the first quarter, but the country's crude steel output decreased. Several strategies, such as increasing China's iron ore stocks over time, reducing imports of iron ore, or increasing steel production, can address this gap.
China, which buys more than 70% of worldwide seaborne iron ore shipments, increased imports by 5.5% in the first quarter to 310.13 million metric tonnes, up 15.79 million from 294.34 million in the same period in 2023.
Concurrently, the country's iron ore production increased by 15.3% to 284.1 million tonnes (MT) in the first quarter, representing a gain of 37.7 MT. However, China, which makes just over 50% of the world's steel, saw crude steel output drop 1.9% to 256.55 MT in the first quarter from the same period a year earlier.
Overall, the picture emerges that China is seeing strong growth in both iron ore imports and domestic output, but there is weakness in steel production. On the surface, the way this contradiction is being resolved is through increasing inventories of iron ore at China's ports.
Stockpiles monitored by consultants SteelHome slipped slightly in the week to April 19 to 143.1 MT, down from the 23-month high of 143.6 million the previous week. Inventories have risen by 38.2 MT, or 36.4%, since the 7 1/2-year low of 104.9 million from the week to Oct. 27. Since the October inventory low, China's traders and steel mills have increased buying, partly in response to hopes that growth in the world's second-biggest economy is accelerating and partly to rebuild depleted stockpiles.
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