China's iron ore imports increased by 4.9% in January-October

China's iron ore imports rose by 4.48% in October compared to the same month last year, with increased buying driven by improved steelmaker profitability and government economic support. Official data shows that China imported 103.84 million metric tons of iron ore last month, marking the eighth month in 2024 where monthly imports exceeded 100 million tons.

Compared to September’s 104.13 million tons, October saw a slight dip in volume, but remained higher than the 99.39 million tons recorded in October 2023. This uptick is attributed to the economic stimulus measures introduced in late September, which positively impacted steelmakers' margins and boosted purchasing.

Hot metal production, a key gauge for iron ore demand, increased by 4.1% in October from the previous month as steelmakers expanded output in response to higher margins. By late October, around two-thirds of surveyed steel producers reported profitable operations, a significant rise from less than a fifth in September. This increased activity contributed to the high import volumes, which in turn led to a 1.2% increase in portside iron ore stocks.

In January-October 2024, China's total iron ore imports reached 1.023 billion tons, an increase of 4.9% y-o-y. The slightly higher import levels in October were influenced by favorable conditions, including relatively low iron ore prices and a stronger yuan, making imports more attractive for steelmakers.