China's 2025 iron ore imports set to hit new high even as steel demand dwindles

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China's 2025 iron ore imports set to hit new high even as steel demand dwindles - Channel News Asia

Quick Summary:

BEIJING: China's iron ore imports are likely to hit a new high in 2025 as traders stockpile cheap ore for the world's top consumer despite a protracted property crisis continuing to weigh on Chinese steel demand, traders and analysts said.

Higher imports will mainly be driven by growing supply from major producers including Australia and Brazil, they said, as miners look to sell ore before the giant Simandou iron ore project begins production later this year and floods the market with new supply.

Brazilian miner Vale aims to produce between 325 million and 335 million tons of iron ore in 2025 from about 328 million tons in 2024.