DEMAND

摘要

In January, China's manufacturing activity continued to grow but at a slower pace. The country's official manufacturing PMI fell to 51.3, down from 51.9 in December. The country's year-on-year growth accelerated to 6.5% in the fourth quarter, representing a massive rebound from a 6.8% contraction in the first quarter. In December, China produced 91Mt of steel, which was an increase of 7.7% from the previous quarter. During the same month, the country's iron ore imports were slightly down at 96.8Mt from 98.2Mt in November. Within these imports, Brazilian imports decreased marginally to 23.7Mt, Australia flatlined to 57.3Mt, India increased to 3.8Mt and South Africa was at 3Mt. While iron ore demand in China was still strong, it is evident the country is looking to try and diversify trade partners. China will remain as the largest consumer of export iron ore in 2021 at 1,327.3Mt.