China’s first quarter imports of iron ore and its domestic production of the steel raw material both rose strongly, but output of crude steel fell. This divergence sets up a dilemma that can be resolved in a number of ways, including lower iron ore imports, a boost to steel output or a sustained rise in China’s iron ore stockpiles. China, which buys more than 70% of global seaborne iron ore volumes, saw imports rise by 5.5% in the first quarter to 310.13 million metric tons, up 15.79 million from 294.34 million in the first three months of 2023. At the same time, domestic output of iron ore rose 15.3% to 284.1 ... (full story)