Seaborne demand for iron ore remained slightly higher than 2024, despite a slight decrease in Chinese imports. In its latest weekly report, shipbroker Banchero Costa said that “2024 was another positive year for global seaborne iron ore trade. In Jan-Dec 2024, global loadings of iron ore increased by +2.3% y-o-y to 1,669.2 mln tonnes, based on AXS Marine vessel tracking data. 2025 started very poorly but has been rebounding in recent months. Global export volumes increased by +1.8% y-o-y in Jan-Nov 2025 to 1,548.2 mln tonnes. Exports from Australia increased in Jan-Nov 2025 by +1.2% y-o-y to 854.5 mln tonnes.

Source: Banchero Costa

From Brazil, exports increased by +4.3% y-o-y in Jan-Nov 2025 to 362.9 mln t. From Canada there was a +0.7% y-oy increase to 56.2 mln tonnes. From South Africa volumes increased +5.3% y-o-y to 50.5 mln t. India saw a correction of -26.2% y-oy in Jan-Nov 2025 to 25.5 mln t. Import figures this year are still lower, as they do not yet reflect the pickup in exports in the last 2 months. Iron ore discharges into China declined by -1.4% y-o-y in Jan-Nov 2025 to 1,123.5 mln tonnes. Imports into Japan declined by -2.3% y-o-y to 81.8 mln t. To the EU, imports increased by +2.3% y-o-y to 69.6 mln t. Volumes into South Korea declined by -2.0% y-o-y to 64.5 mln t. Imports into Malaysia increased by +4.6% y-o-y to 22.2 mln tonnes. To Vietnam volumes were down by -3.0% y-o-y to 19.0 mln t. To Oman, volumes were down -6.2% y-o-y to 12.6 mln t, to Saudi Arabia down by -2.9% y-o-y to 10.0 mln t, to Bahrain +0.6% y-o-y to 11.8 mln t. Mainland China is by far the largest importer of iron ore in the world”.

According to Banchero Costa, “China accounted for 74.4% of global iron ore imports in Jan-Dec 2024. Imports into China have increased +5.0% y-o-y in Jan-Dec 2023 to 1200.8 mln tonnes. They have further increased by +4.1% y-o-y in Jan-Dec 2024 to 1250.4 mln t, which is a new all-time record. As already mentioned, in Jan-Nov 2025, imports into China declined by -1.4% y-o-y to 1,123.5 mln t. However, this is due to a -7.9% y-oy decline in 1Q26, whilst already in 2Q26 imports into China were running at +0.4% y-o-y, and in 3Q26 were +1.0% y-o-y”.

Source: Banchero Costa

“The vast majority (70%) of iron ore volumes into China in Jan-Nov 2025 were loaded on Capesizes (130,000- 220,000 dwt), with a further 22% carried on VLOCs (over 220,000 dwt), whilst just 4% was carried on Post-Panamaxes, 2% on Panamaxes, and 2% on Supramaxes. The main iron ore import terminals in Mainland China are: Caofeidian (122.3 mln t discharged in Jan-Nov 2025), Qingdao (100.1 mln t), Tangshan/Jingtang (82.1 mln t)Ningbo/Zhoushan (79.9 mln t),, Rizhao (77.6 mln t), Tianjin (77.2 mln t), Fangcheng (76.6 mln t), Lanshan (61.9 mln t), Dongjiakou (60.7 mln t), Lianyungang (57.7 mln t), Zhanjiang (44.0 mln t). In terms of sources for China’s iron ore imports, Australia remains by far the top source country, with a 63.9% share in Jan-Nov 2025. Iron ore imports from Australia to China in Jan-Nov 2025 have increased by +0.9% y-o-y to an alltime high of 718.0 mln tonnes, from 711.3 mln t in Jan-Nov 2024. The top loading port in Australia for iron cargoes to China is Port Hedland (430.2 mln t in Jan-Nov 2025). Brazil remains in second spot with a 22.5% share in Jan-Nov 2025. Imports to China from Brazil increased by +0.7% y-o-y in Jan-Nov 2025 to 253.3 mln tonnes, from 251.5 mln t in Jan-Nov 2024. The top port in Brazil for cargoes to China was Ponta da Madeira (107.6 mln t in Jan-Nov 2025). Volumes from South Africa to China increased by +6.5% y-o-y to 30.5 mln t in Jan-Nov 2025. From India volumes declined by -39.0% y-o-y to 20.7 mln t. From Peru volumes declined by -34.0% y-o-y to 13.9 mln t”, the shipbroker concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide