China: Iron ore imports drop 15% y-o-y in Mar'22 on Brazil's supply disruptions

China, the world's largest iron ore consumer and importer, recorded imports of iron ore (including pellets) at 87.28 mnt in March, 2022, down 15% y-o-y as against 102.11 mnt in the corresponding month last year (CMLY), according to the General Administration of Customs.

The shipments have declined as a result of inclement weather in Brazil and disruptions in trade flows in the steelmaking raw material after Russia's invasion of Ukraine. Brazilian miner Vale (South Africa) had temporarily halted its iron ore train operations in Carajas mine in early March due to heavy rain.

However, on a monthly basis, the imports picked up by 7% as against 81.30 mnt in February owing to increased shipments from key countries.

In addition, China's cumulative import volume in Q1CY22 was recorded at 268.36 mn t, down 5%, y-o-y from Q1CY21.