China’s Iron Ore Imports Have Fallen, Outlook Remains Muted

China consumes more than 70% of seaborne-traded iron ore, so it’s important for iron ore investors to track the country’s demand and outlook to gauge the overall outlook for iron ore. China imported 86.25 million tons of iron ore in November, implying declines of 8.8% YoY (year-over-year) and 2.4% sequentially—and marking its second straight month of decline. This weakness has been weighing on the demand for imported iron ore.