Disconnect between Chinese iron ore imports and steel production widens

AI Summary

Despite weakening steel production, China's iron ore imports continue to grow, leading to rising port inventories. This supply-demand mismatch complicates export prospects for iron ore suppliers and affects global commodity markets.

Chinese iron ore imports continue to grow even as domestic steel output weakens, driving port inventories toward record highs. Until Simandou’s accelerating ramp-up is offset by cuts elsewhere in the supply chain, the inventory overhang is set to deepen, complicating the demand outlook for traditional exporters. Global iron ore flows reached 145mt in May 2026, ...