China, the world’s largest iron ore consumer and importer, recorded imports of the raw material at 268.37 million tonnes (mnt) in the first three months of CY22 (January-March), as per data compiled by SteelMint.
Out of the total imports, iron ore fines accounted for the largest share of 189.73 mnt, lumps were 42.94 mnt, concentrates at 30.10 mnt and the balance 5.59 mnt were pellets.
Australia, Brazil top exporters
Australia remained the largest exporter of the steelmaking raw material at 175.43 mnt to China in the period under review. Out of this, fines accounted for 132.97 mnt, lumps 35.49 mnt, concentrates 6.69 mnt and pellets at 0.29 mnt.
Brazil was the second-largest iron ore supplier to China with 53.30 mnt, of which 48.18 mnt were fines, 0.35 mnt were lumps, 4.45 mnt concentrates and the rest (0.31 mnt) were pellets.
South Africa, the third-largest exporter, supplied 10.07 mnt of iron ore to China.
Other major exporters were Peru, Ukraine, India and Chile.
Price trend
According to SteelMint’s assessment, global iron ore (Fe 62% fines) prices rose to $158/t CFR China on 31 March 2022 from $119/t CFR China recorded on 3 January.
Outlook
China is likely to increase imports of low-grade iron ore in the near term due to lower margins for high-grade ore amid the Labour Day holidays in May, SteelMint expects.
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