Iron ore imports outside China show signs of recovery - Russell

The iron ore market is focused mainly on developments in China, which isn’t surprising given the world’s biggest buyer of commodities takes about 70% of global seaborne cargoes.

But that other 30% does matter - and there are signs of a recovery in demand in the wake of the coronavirus pandemic.

The total global volume of seaborne iron ore discharged at ports in January was 134 million tonnes, according to vessel-tracking and port data compiled by Refinitiv.

This was up from 122.82 million tonnes in December and 125.18 million in November, and also some 6.5% higher than the volume for January 2020.

These figures do point to a recovery in the world seaborne market. And the breakdown does lend support to the view that the major buyers other than China - namely Japan, South Korea and Western Europe - are starting to pull their weight.

China’s seaborne imports of the steel-making ingredient in January were 98.79 million tonnes, meaning the rest of the world was at 35.21 million.