China's Iron Ore Imports Increased in October

Foreks - China's iron ore imports in October increased by 4.48% year-on-year, thanks to the massive economic stimulus package that encouraged more purchases, leading to improved margins for steel producers. According to data from the General Administration of Customs, China imported 103.84 million tons of steelmaking material last month. This figure brought the total number of months exceeding 100 million tons this year to eight. Imports were 104.13 million tons in September and 99.39 million tons in October 2023.

At the end of September, China announced stimulus measures to support its economy, and with rising steel prices, the margins for steel producers improved. In October, the average daily hot metal production was 4.1% higher compared to September, and according to Mysteel's data, about two-thirds of producers operated profitably by the end of October.

Data shows that in the first ten months of 2024, China's iron ore imports reached 1.023 billion tons, marking a year-on-year increase of 4.9%. China’s steel exports in October increased by 40.81% compared to the previous year, and by 10.15% compared to September, reaching 11.18 million tons, the highest monthly level since September 2015.

During the first ten months of the year, exports reached 91.89 million tons, up 23.3% year-on-year, already surpassing the total of 90.26 million tons for 2023 and on track to exceed 100 million tons. Last month, China imported 536,000 tons of steel products, reflecting a decrease of 3.25% compared to September and 19.76% compared to the previous year, with the January-October total showing a year-on-year decline of 10.1% to 5.72 million tons.