Chinese iron ore imports rise in Jan-Feb
According to data released by China’s General Administration of Customs, the largest steel producer in the world’s iron ore imports increased by 2.8% during the first two months of 2021 from the previous year. The increase was mainly because the demand for the steel raw material was supported by a strong consumer outlook.
The increase was in line with analysts' expectations since shipments from China's top two suppliers, Australia and Brazil, increased stably, with a total increase of 11% to 164 million tons.
The China Iron and Steel Association (CISA) predicted that steel demand will rise slightly this year, boosting confidence in the ferrous sector. However, the Industry Ministry had repeatedly urged steel companies to reduce crude steel production this year so as to reach the national target: carbon neutrality by 2060.
