In 2025, China's iron ore imports may hit a six-year peak, while steel production is likely to reach its lowest in six years. 

In October, China's steel production was 72 million tons, down 2% from September and 12.1% year-on-year. However, iron ore imports showed an opposite trend. From January to October this year, China imported 1.03 billion tons of iron ore. If imports in the last two months exceed 210 million tons, the total import volume will set a new historical high.

Inventory replenishment, coupled with relatively stable prices, is one of the key drivers behind the import growth.