China's Iron Ore Imports Remain Resilient Amid Growing Industry Challenges

In 2025, iron ore continues to outperform many other commodities, maintaining prices above $100 per metric ton despite signs of a slowdown in China's steel industry. The most actively traded iron ore futures on the Singapore Exchange closed at $101.71, slightly lower than the previous session's $102.74. Throughout the year, prices have fluctuated within a narrow range, from a high of $107.81 in February to a low of $93.35 in July. This stability largely reflects China's sustained demand, as the country accounts for approximately 75% of global seaborne iron ore imports. According to customs data, China imported 592.2 million tons in the first half of 2025, a 3% decrease compared to the same period last year. Notably, June imports reached 105.95 million tons—the highest since December—while July imports are estimated at 101.32 million tons by analysts at Kpler, indicating continued robust demand. This resilient import activity has been a key factor in keeping iron ore prices around the $100 mark. However, recent economic indicators raise questions about whether this trend can persist. China's steel production declined by 9.2% in June year-over-year, totaling 83.18 million tons—the...