China's iron ore imports surged to a record high in 2024, driven by lower prices and resilient demand despite a sluggish economy. The world's largest iron ore consumer imported about 1.24 billion metric tons, up 4.9% from the previous year.
China’s iron ore imports in 2024 rose for a second year to a record high, up 4.9% from the prior year, customs data showed on Monday, as lower prices spurred buying and demand remained resilient despite its sluggish economy.
In comparison, the electric arc furnace-based steelmakers which intake scrap material had to either conduct maintenance or scale down production due to losses amid persistent constraints on scrap supply. Higher imports contributed to a price slump and a pile-up in portside stocks, which climbed by 28% year-on-year to 146.85 million tons as of Dec. 27, data from consultancy Steelhome showed.In December alone, China imported 112.49 million tons of iron ore, up 10.4% from 101.86 million tons in November.
IRON ORE CHINA IMPORTS DEMAND STEEL
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