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The world’s imports of seaborne iron ore increased a modest 3.6% to a record high in 2024, however the boost was nearly totally driven by China, the world’s biggest buyer of the essential steel raw material.
This indicates China’s seaborne imports of iron ore will be at a record high in 2024, a truth that looks somewhat incongruous with the likely decrease in steel production. With China’s steel output effectively flatlining given that 2019, the question for the market is why iron ore imports gained in 2024.
However the 28% drop over the year was likely enough to trigger. Chinese steel mills and traders to increase purchases, specifically in the 2nd half of the year when costs were lower than in the very first half.This decrease is more sentiment driven, given stress over the trade policies of the incoming U.S. administration under. President-elect Donald Trump, with the danger of tariffs of up to 60% hanging over steel-intensive industries such as production.
The outlook for China’s iron ore and steel sectors is clouded by uncertainty over what actual policies the brand-new Trump administration will carry out, and how China and other impacted countries will react. Japan, the world’s second-biggest importer, also saw a decrease with 2024 seaborne arrivals coming in at 88.19 million tons, down from 98.71 million the previous year.
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