China is globally the largest iron ore importer. However, its import volumes dropped almost 3% y-o-y to 1,097 mnt (1,126 mnt in 2021) due to its own challenges. First was the production cuts effected to curb crude steel production. Secondly, the collapse of the property sector, the largest steel consumer along with infrastructure construction, leading to loss of steel demand. Thirdly, Covid surges kept the country in lockdowns which also impacted steel demand. Lastly, China’s domestic iron ore production is slated to be higher this year against 2021’s 959 mnt.
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