Reuters reported that China's iron ore imports dropped 5.7% in December, off the previous month's record high as slowing steel demand towards year end curbed purchases of the steelmaking raw material in the world's top consumer. But surging steel output through most of the year in the world's largest steel producer drove purchases of iron ore to a record high in 2013.
Customs data showed that arrivals fell to 73.38 million tonnes in December, easing from the peak of 77.84 million tonnes in November but up 3.4% from a year ago. Imports held above the 70 million mark in four out of the six months to December.
China imported a total 820 million tonnes of iron ore in 2013, surging 10% from 2012 when arrivals rose 8.43% to 743.55 million tonnes. Chinese steel output climbed 8% to all time high of 774.6 million tonnes in 2013.
Some analysts expected China's iron ore imports to rise further this year as increased overseas supply replaces higher-cost domestic iron ore mines, boosting imports.
Mr Du Hui an analyst with Qilu Securities in Shanghai said that "Iron ore imports may surge by another 100 million tonnes this year, as increased lower-cost supplies from overseas will replace expensive domestic ore and China's steel output will keep growing."