China's renewed steel demand led to a record high in iron ore imports in the first quarter of 2023.
For the 1st quarter of this year, China’s iron ore imports hit a Q1 record. Altogether, prices climbed nearly 10% from January to March, reaching 29.3 million tons . Indeed, March alone saw imports grow 1.8% to 100.23 MT. Helping these numbers were expectations of stronger steel demand as the Chinese economy continues to emerge our of the country’s zero-COVID-19 policies. Ultimately, a recovery in China’s steel sector seems to be in motion, and iron ore production continues to react accordingly.
Newly released data shows that China’s daily hot metal output grew to 2.3 MT during the week of March 31. This represents an increase of nearly 4% from late February. But don’t applaud yet. Sector experts have introduced a note of caution. Specifically, they indicate there were tell-tale signs of demand waning in the coming months, beginning in April. released a report stating that prices across the steel spectrum have been retreating in recent sessions.
Indeed, domestic steel mills sought to benefit from higher overseas prices. And for the first quarter, steel exports climbed by 53.2% to 20.08 MT. In contrast, China’s March steel imports fell 32.5% to 682,000 tons, and January-March imports fell 0.5% to 1.91 million tons. Overall imports received a boost from the 8% surge in iron ore from India, which reached 2.68 MT in March. Of course, this came after the country scrapped its export tax last November.
Currently, India produces 9.2% of the world’s iron ore. Exports from this country in the fiscal year saw a slower start, with April exports down by 44% Year-over-year. Moreover, they have continued to decline every month since then. However, this reversed in December 2022, with iron ore exports increasing to 2.26 MT, or 500% YoY. According to Indian exporters, there was virtually no trade in September 2022, while the numbers were very low in October and November.
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