China’s iron ore & concentrates imports grow in Jan-Jul
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Update time : 2024-08-13 13:53:22
In the first seven months of this year, China’s iron ore and concentrates imports increased by 6.7% year on year to 714 million tons, of which imports in July grew by 5.3% month on month to 103 million tons.
China’s iron ore and concentrates imports hit a historical high in 2023, hiking by 6.6% year on year to 1.18 billion tons. Analysts said that the increase in iron ore imports could be attributed to steel mills preferring to use low-grade and low-priced iron ore imports to control costs.
A report from the Department of Industry, Science and Resources (DISR) of Australia forecasted that China's iron ore imports may start to decline from a record high level in 2023 due to the expected decrease in steel production. China's iron ore imports were expected to drop to 1.05 billion tons by 2029, and the imports might decrease at a compound annual rate of 1.7% during 2024-2029.
