China’s iron ore imports ease in November on thinning margins

BEIJING: China’s iron ore imports in November fell for a second consecutive month, by 0.7% from the prior month, as buying appetite receded after several mills started equipment maintenance amid thinning profit margins.

China brought in 110.54 million metric tons of the key steelmaking ingredient last month, data from the General Administration of Customs showed on Monday.

That was less than 111.3 million tons in October but more than 101.86 million tons in the same month last year. A higher number of steel mills conducted maintenance on furnaces last month as resilient iron ore prices and faltering steel demand squeezed margins.

The average daily hot metal output - a gauge of demand - slid 1.7% from the prior month to 2.36 million tons in November, showed data from consultancy Mysteel.

Meanwhile, only 35% of steel mills were operating at a profit as at the end of November versus 45% in late October, Mysteel data showed.

Imports remained above 100 million tons for a sixth month, contributing to a pile-up in portside stock.

Portside inventory climbed 2.5% from a month earlier to 139.04 million tons as at November-end, showed data from consultancy Steelhome.

In the first 11 months of 2025, iron ore imports rose 1.4% from the same period a year before to 1.139 billion tons, setting the annual total on track for a record high. Steel exports in November climbed 2% on month to 9.98 million tons, an increase of 7.5% on year.

The November shipments brought year-to-date exports to 107.72 million tons, a record high for the period with an annual increase of 6.7%.