According to Chinese customs authorities, iron ore imports for March came in at 87 MMT, down 15% YOY. Iron ore imports for March were 4% lower than the 5-year average of 91 MMT. As a result, total iron ore imports in Q1 2022 came in at 268 MMT, down 5% YOY compared to 284 MMT in 2021. We had modelled for Chinese iron imports to increase 4.8% in 2022, which compares to a decline of 5.4% so far in 2022 due to China’s recent lockdown measures disrupting import levels.

For March, Chinese coal imports saw an increase from February figures of 46% MOM, while down 40% YOY to 16 MMT. For Q1 2022, coal imports stand at 52 MMT, down 24% YOY and below YTD 5-year average of 76 MMT. The decline in Q1 2022 can be attributed to the elevated energy prices this winter, which have prompted increased domestic production offsetting import needs in recent months. The YTD coal imports decline of 24% compares with our modelled 3% growth for 2022.