China imported 1.17bn mt of iron ore and concentrates in the past year, up 9.3pc from 1.07bn mt in 2019, the country’s customs data noted. In December alone, imports tallied at 96.75mn mt.
Imports of steel products also doubled in 2020 to 20.23mn mt, compared with 12.30mn mt in 2019. On the other hand, exports fell by almost 20pc to 53.67mn mt.
China plans to cut its steel capacity this year after a production target of 1bn mt in 2020. Chinese overcapacity continues to be one of the main issues in the global steel industry. The country also plans to cut carbon emissions and incentivize green steel production in 2021.