Shipments from India were the highest in nine years, statistics showed. Australia and Brazil remained China’s top suppliers in 2020. Australian shipments rose seven percent to 713 million tons, while Brazilian supplies were up 3.5 percent at 235.7 million tons.
“The two countries’ rise could not fully meet China’s demand,” said Tang Chuanlin, an analyst with Citic Securities, as quoted by the South China Morning Post. “Mills had to buy from other countries,” he added.
China relies heavily on imported iron ore to fulfil more than two-thirds of its steel mills demand, which was boosted by Beijing’s stimulus for infrastructure. The country has churned out a record 1.05 billion tons of crude steel in 2020.
