China imported about 110.5 million tons of iron ore in November 2025, down by 0.7% from October’s 111.31 million tons and below September’s 116.33 million tons, according to the latest customs data. Despite the drop, November imports remained above 100 million tons for the sixth straight month.

Cumulative imports for the first 11 months reached 1.14 billion tons, up by 1.4% from the same period last year. In 2024, China imported 1.24 billion tons of iron ore, up by 4.9% from 2023, setting a record for the second consecutive year. Based on current trends, total imports for 2025 are expected to reach a record high for the third consecutive year.

Market sources said November’s decline reflected steel mills cutting production, while cumulative growth was driven by inventory building. As of December 5, total iron ore inventories at Chinese ports reached 142 million tons, up by 2.4% from the previous week, with demand expected to remain resilient through year-end.