SMM

In November, China imported 101.862 million mt of iron ore and its concentrates, down 1.976 million mt from the previous month, a slight decrease of 1.9% MoM; up 3.91% YoY. In November, as end-use demand gradually entered the off-season, the apparent demand for rebar decreased. Meanwhile, due to environmental protection-driven production restrictions and annual maintenance plans, blast furnace maintenance at steel mills was relatively frequent, leading to a weakening of overall iron ore demand. Additionally, according to SMM shipping data, the shipment pace of major mines remained stable with minimal weather impact. However, since November has one less day than October, the import volume of iron ore showed a slight downward trend. Looking ahead to December, blast furnace maintenance at steel mills is expected to increase further, potentially leading to a further decline in pig iron production. However, as the Chinese New Year approaches, steel mills will start pre-holiday stocking, which may keep overall iron ore demand stable. Furthermore, in the last month of 2024, some mines may rush for annual targets. Therefore, SMM expects that iron ore import volume in December may see a slight MoM increase.