Australia and Brazil, the world's two largest iron ore producers, remained China's top suppliers in 2020, but imports from India soared 88% as Chinese mills diversified sources amid sky-high raw materials prices.
Australian shipments rose 7% to 713 million tonnes, while Brazilian supplies were up 3.5% at 235.7 million tonnes, data from China's General Administration of Customs showed on Wednesday.
"The two countries' rise could not fully meet China's demand," said Tang Chuanlin, analyst with CITIC Securities, "Mills had to buy from other countries."
The world's top steel producer imported 44.8 million tonnes of iron ore from India last year, compared with the 23.8 million tonnes purchased in 2019, and was the most in nine years.
China churned out a record 1.05 billion tonnes of crude steel in 2020, with demand boosted by Beijing stimulus for infrastructure.
India, the world's third-biggest steelmaker, suffered a 12.6% decline in the nine months though December from same period year earlier, government data showed, leaving more iron ore to sell to Chinese buyers.
Production of LME deliverable KAS-branded aluminium at Kazakhstan’s Eurasian Resources Group has reached the four-million-tonnes milestone
