According to Chinese customs authorities, iron ore imports for December came in at 86 MMT, down 11% YOY, taking total iron ore imports for 2021 to 1,124 MMT, down 4% YOY compared to 2020, versus an increase of 191% by May, due to the events of last year with Evergrande and the country’s strict blue-sky policy ahead of the 2022 Beijing Olympics.

For the dry bulk supply and demand, slower iron ore imports growth continues to be partially compensated by coal imports. For December, Chinese coal imports came in at 31 MMT, down 12% MOM and 21% YOY. Chinese coal imports reached to 323 MMT, an increase from 304 MMT in 2020.