According to the latest data from the General Administration of Customs, China imported 104.743 million mt of iron ore and concentrates in March 2026, an increase of 7.375 million mt MoM, up 7.6% MoM; cumulative imports of iron ore and concentrates from January to March totaled 314.762 million mt, up 10.5% YoY. Beyond fundamental factors, geopolitical conflicts also contributed to the increase in iron ore imports in March to a certain extent. Specifically, the escalation of tensions in the Middle East severely disrupted commercial shipping along the Strait of Hormuz. Although direct exports from the Middle East to China were relatively small, the disruption to the global logistics system caused by regional conflicts forced some vessels originally planned to transit through the Middle East or pass through those waters to reroute. These resources were redirected to East Asian markets including China. In addition, as domestic blast furnace capacity utilization rates gradually improved in March, the steel industry's demand for ore further increased, thereby stimulating iron ore imports. Looking ahead to April, although the direct impact of the Middle East situation on China's total iron ore imports is relatively limited, if the Middle East conflict fails to achieve substantive de-escalation within the month, some international bulk carriers are likely to continue avoiding Middle Eastern ports for transshipment, resulting in China passively receiving more cargoes from other regions to a certain extent. Furthermore, as large-scale ex-China mining projects progressively advance, global ore supply remains generally ample, and shipments led by Simandou (estimated at 20 million mt for the full year) are expected to bring a certain degree of uplift to iron ore supply exported to China in April. From a seasonal perspective, Q2 is typically the traditional peak shipping season for iron ore. Therefore, taking all the above factors into consideration, China's iron ore imports in April are expected to show a certain growth trend.

SMM, July 14, 2025: According to statistics from the General Administration of Customs of China, China imported 105.95 million mt of iron ore fines and concentrates in June, an increase of 7.817 million mt MoM, up 8% MoM , and up 8.54% YoY . The cumulative imports of iron ore fines and concentrates from January to June were 592.205 million mt, down 3% YoY . The iron ore imports in June reached a new high for the year, mainly due to the following factors: 1) Seasonal rebound on the supply side. Major mines, such as BHP and Rio Tinto, had a need to push for shipment targets, and the average weekly shipment volume in June increased compared to May. Among non-mainstream mines, although shipments from non-mainstream mines in India, Peru, and Iran were constrained by policy and geopolitical factors, shipments from countries like Malaysia and Africa improved MoM, resulting in an overall increase. 2) Resilient demand support. Pig iron production remained stable at high levels: The daily average pig iron production of 242 steel mills in June consistently stayed above 2.4 million mt, with sustained rigid restocking demand. Looking ahead to July, iron ore imports are expected to fall back from highs. Although the high shipment volume at the end of June will partially translate into arrivals in July, and domestic pig iron production remains high to support demand, coupled with one additional working day in July compared to June (31 days vs. 30 days), the overall imports in July are still expected to decline MoM from June due to the significant drop in shipments caused by concentrated maintenance at mines after the push for target at quarter-end. However, the absolute volume will still remain at a relatively high level. Chart: China's Iron Ore Imports Source: General Administration of Customs of China 》View SMM steel product quotes, data, and market analysis 》Subscribe to view historical spot metal prices from SMM