China’s iron ore imports have shown signs of weakening this year, particularly in comparison to previous years. According to data from Banchero Costa, China’s iron ore imports decreased by 6.0% year-on-year from January to May 2025, reaching 487 million tonnes.
In contrast, other regions such as the European Union saw an increase of 5.4% in imports, amounting to 30.1 million tonnes, while Japan and South Korea experienced declines of 6.5% and 1.1%, respectively. Despite the decline, China remains the world’s largest importer of iron ore, accounting for 74.4% of global imports in 2024.
The previous years were marked by record highs, with imports increasing by 5.0% in 2023 and an additional 4.1% in 2024. However, the trend has reversed in early 2025 as imports dipped.
In terms of shipping methods, the majority of iron ore delivered to China during this period was transported on Capesize vessels, which made up 71% of the total. The primary terminals handling these imports include Caofeidian, Ningbo/Zhoushan, and Tangshan/Jingtang.
Australia continued to dominate as the main source of iron ore for China, representing 64.1% of imports in early 2025, though shipments from Australia have also seen a slight decline of 2.8%. Brazil remains the second-largest supplier, but its exports to China have dropped by 4.2% year-on-year.
On the other hand, imports from South Africa have risen significantly, while those from India and Peru have experienced notable declines. Overall, the current data paints a complex picture of the iron ore market, reflecting varying trends across different regions and sources.