China’s iron ore imports so far in 2026 have been on the rise compared to last year. In its latest weekly report, shipbroker Banchero Costa said that “2025 was another positive year for global seaborne iron ore trade. In Jan-Dec 2025, global loadings of iron ore increased by +3.5% y-o-y to 1,732.0 mln tonnes, based on AXS Marine vessel tracking data. 2026 has begun on a firm note, with export volumes up by +3.8% y-o-y in Jan-May 2026 to 692.2 mln tonnes. Exports from Australia increased in Jan-May 2026 by +3.8% y-o-y to 386.1 mln tonnes. From Brazil, exports increased by +3.7% y-o-y in Jan-May 2026 to 149.2 mln t. From South Africa volumes increased +4.7% y-o-y to 23.0 mln t. From Canada there was a -10.6% yo-y decline to 21.3 mln tonnes. India saw an increase of +0.8% y-o-y in Jan-May 2026 to 12.9 mln t. From Norway exports rebounded by +11.6% y-o-y to 9.1 mln t”.
Source: Banchero Costa
According to Banchero Costa, “demand is still driven primarily by Mainland China, which accounts for 75% of imports. Iron ore imports into China increased by +7.1% y-o-y in Jan-May 2026 to 528.0 mln tonnes. Imports into Japan declined by -5.1% y-o-y to 37.5 mln t. Volumes into South Korea increased by +4.3% y-o-y to 30.9 mln t. To the EU, imports declined by -2.3% y-o-y to 29.1 mln t. To Vietnam volumes were up +8.3% y-o-y to 10.9 mln t. Imports into Malaysia increased by +6.9% y-o-y to 10.8 mln tonnes. To Oman, volumes were down -34.0% y-o-y to 3.7 mln t, to Saudi Arabia down by -51.1% y-o-y to 2.2 mln t, to Bahrain -62.8% y-o-y to 1.8 mln t. Mainland China is by far the largest importer of iron ore in the world”.
The shipbroker added that “China accounted for 75.3% of global iron ore imports in Jan-May 2026. Imports into China have increased +4.1% y-o-y in Jan-Dec 2024 to 1250.4 mln tonnes. They have further increased by +1.5% y-o-y in Jan-Dec 2025 to 1714.7 mln t, which was a new alltime record. As already mentioned, in Jan-May 2026, imports into China increased by +7.1% y-o-y to 528.0 mln t. The vast majority (70%) of iron ore volumes into China in Jan-May 2026 were loaded on Capesizes (130,000- 220,000 dwt), with a further 21% carried on VLOCs (over 220,000 dwt), whilst just 3% was carried on Post-Panamaxes, 2% on Panamaxes, and 4% on Supramaxes. The main iron ore import terminals in Mainland China are: Caofeidian (66.7 mln t discharged in Jan-May 2026), Tangshan/Jingtang (51.3 mln t), Lanshan (45.6 mln t), Ningbo/Zhoushan (43.6 mln t), Tianjin (36.5 mln t), Lianyungang (29.0 mln t), Dongjiakou (28.5 mln t), Rizhao (28.4 mln t), Huanghua (23.9 mln t), Fangcheng (23.0 mln t), Zhanjiang (22.6 mln t)”.
Source: Banchero Costa
“In terms of sources for China’s iron ore imports, Australia remains by far the top source country, with a 62.4% share in Jan-May 2026. Iron ore imports from Australia to China in Jan-May 2026 have increased by +4.3% y-o-y to an alltime high of 329.5 mln tonnes, from 316.0 mln t in Jan-May 2025. The top loading port in Australia for iron cargoes to China is Port Hedland (195.4 mln t in Jan-May 2026). Brazil remains in second spot with a 20.8% share in Jan-May 2026. Imports to China from Brazil increased by +10.3% y-o-y in JanMay 2026 to 109.7 mln tonnes, from 99.5 mln t in Jan-May 2025. However, this was still marginally below the 109.8 mln t in Jan-May 2024. The top port in Brazil for cargoes to China was Ponta da Madeira (38.5 mln t in Jan-May 2026). Volumes from South Africa to China declined by -4.9% y-o-y to 13.7 mln t in Jan-May 2026. From India volumes declined by -1.1% y-o-y to 12.0 mln t. From Peru volumes increased by +28.0% y-o-y to 11.1 mln t. From Canada there was a +30.5% yo-y increase to 8.4 mln t”, Banchero Costa concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide