According to Chinese customs authorities, iron ore imports for October came in at 95.0 MMT, down 4.7% MOM but up 3.7% YOY, taking the YTD total to 918.1 MMT, which is down 1.8% compared to 2021 and down 5.9% compared to 2020 but slightly above the 5-year average.

Despite a decline MOM, iron ore imports have registered its second YOY growth per month in a row and are incrementally catching up to 2021 as YTD growth stood at negative 7.3% in April versus October figures of negative 1.8%.

Furthermore, coal imports came in at 29.2 MMT for October which yielded a decrease of 12% MOM, but a strong YOY increase of 8.3%. However, coal imports still fall short YTD with a decrease of 10.7% YOY.

Overall, climbing iron ore imports show signs of improving economic activity despite a macroeconomic slowdown and the government still clinging on to its zero-Covid policy.