In the first seven months of 2024, China increased its iron ore imports by 6.7% year-on-year to 713.77 million tons, according to the Chinese Steel Association.
July saw a 10% increase compared to the same month last year, with imports reaching 102.81 million tons, up 5.3% from June. However, this fell short of market expectations.
Hot weather negatively impacted construction activity and steel demand, leading to a 6-7% drop in raw material prices. Despite this, prices began to recover in early August due to improved industrial fundamentals and anticipated government stimulus measures.
