"In the first half of 2026, Chinese iron ore mining fell by 7% y/y due to a 6% y/y increase in iron ore net imports and weaker steel production. The country is increasingly sourcing its iron ore from abroad because it is often of higher grade and competitively priced. Iron ore net imports now account for 57% of China’s iron ore supply compared to 50% in the first half of 2022,” says Filipe Gouveia, Shipping Analysis Manager at BIMCO. While China’s iron ore supply slightly increased in the first half of 2026, demand from steel mills weakened. “In the second half of 2026, China’s iron ore supply could weaken year-on-year, albeit compared to a high baseline.