2023 is a year that witnessed Chinese steelmakers drift between positive and negative margins, as market participants placed bets on government policies to shore up a post-pandemic economy. As firm demand by Chinese mills pushed the country's iron ore imports to a record volume of 1.18 billion metric tons, the quantity of iron ore price data points – or "heards" – published by Platts, part of S&P Global Commodity Insights, rose 2.9% to 26,958 last year. These were in relation to fines, lump, pellet and concentrate cargoes.

The share of floating-price trades in the overall market eased, as mills sought to shield their margins amid the volatile market conditions. Additionally, the spread between high-grade and medium-grade iron ore fines reached a multi-year low, as mills prioritized cost-effective feedstock.