Per the General Administration of Customs data, October's iron ore and concentrate imports totaled 99.385 million mt, down 1.8% MoM, primarily due to reduced working days resulting from holidays.
Data from the General Administration of Customs showed November's iron ore and concentrate imports surging to 102.743 million mt, up 3.4% MoM. The cumulative import volume from January through November reached 1.078 billion mt, up 6.2% YoY. Despite fewer days in November, the import volume rose MoM due to: 1) reduced work efficiency from October holidays; 2) mines rushing to boost year-end output and shipping early; 3) late November's steel mill profit recovery and heightened iron ore demand after blast furnace operations resumed.
SMM anticipates a slight decline in December's import volume due to: 1) Demand side: December remains a peak maintenance period for blast furnaces, with an expected drop in pig iron daily output, causing a corresponding dip in rigid demand; 2) Supply side: Overseas workers starting their holidays mid to late December, resulting in reduced overseas supply.
