According to Banchero Costa, "demand has been again rebounding in China and the Middle East. Iron ore imports into China increased by +3.6% y-o-y in Jan-Nov 2024 to 1139.1 mln tonnes. Imports into Japan declined by -4.2% y-o-y to 83.7 mln t. To the EU, imports increased by +3.5% y-o-y to 68.1 mln t. Volumes into South Korea increased by +1.6% y-o-y to 65.8 mln t. Imports into Malaysia increased by +10.6% y-o-y to 21.2 mln tonnes. To Vietnam volumes were up by +38.4% y-o-y to 19.6 mln t. To Oman, volumes were up +19.4% y-o-y to 13.4 mln t, to Saudi Arabia by +22.1% y-o-y to 10.3 mln t, to Turkey +7.3% y-o-y to 7.7 mln t. Mainland China is by far the largest importer of iron ore in the world".
"China now accounts for 74.4% of global iron ore imports. Imports into China have increased +4.9% y-o-y in Jan-Dec 2023 to 1,200.1 mln tonnes, which is a new all-time record. They have further increased by +3.6% y-o-y in the first 11 months of 2024 to 1139.1 mln t. The vast majority (71%) of iron ore volumes into China in Jan-Nov 2024 were loaded on Capesizes (130,000- 220,000 dwt), with a further 20% carried on VLOCs (over 220,000 dwt), whilst just 3% was carried on Post-Panamaxes, 2% on Panamaxes, and 3% on Supramaxes. The main iron ore import terminals in Mainland China are: Caofeidian (131.4 mln t loaded in Jan-Nov 2024), Ningbo/Zhoushan (98.5 mln t), Tangshan/Jingtang (92.0 mln t), Rizhao (87.7 mln t), Lanshan (82.1 mln t), Tianjin (81.8 mln t), Dongjiakou (68.7 mln t), Lianyungang (65.5 mln t), Huanghua (52.3 mln t), Zhanjiang (49.2 mln t), Fangcheng (48.4 mln t), Qingdao (42.1 mln t), Beilun (40.8 mln t)", the shipbroker said.
"In terms of sources for China's iron ore imports, distances keep improving. Australia still remains by far the top source of iron ore for China, with a 62% share in Jan-Nov 2024. Iron ore imports from Australia to China in Jan-Nov 2024 have improved only marginally by +0.8% y-o-y to 711.0 mln tonnes, from 708.3 mln t in Jan-Nov2023. The top loading port in Australia for iron cargoes to China is Port Hedland (435.2 mln t in Jan-Nov 2024), followed by Dampier (125.8 mln t) and Port Walcott (106.3 mln t). Brazil remains in second spot with a 22% share in Jan-Nov 2024. Imports to China from Brazil increased by +11.0% y-o-y in Jan-Nov 2024 to 251.8 mln tonnes, from 226.9 mln t in Jan-Nov2023. The top loading port in Brazil for iron ore cargoes to China was Ponta da Madeira (110.2 mln t in Jan-Nov 2024), followed by Sepetiba/Itaguai (66.1 mln t), Tubarao (34.0 mln t) and Guaiba (31.2 mln t). From India volumes increased by +1.8% y-o-y to 33.9 mln t. Volumes from South Africa to China increased by +4.2% y-o-y to 28.7 mln t in Jan-Nov 2024. From Peru volumes increased by +10.9% y-o-y to 21.1 mln t", Banchero Costa concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide