According to the shipbroker, “demand is still driven primarily by Mainland China, which accounts for 75% of imports. Iron ore imports into China increased by +4.1% y-o-y in Jan-Sep 2026 to 967.8 mln tonnes. Imports into Japan declined by -3.6% y-o-y to 69.2 mln t. To the EU, imports declined by -3.1% y-o-y to 53.1 mln t. Volumes into South Korea increased by +3.7% y-o-y to 55.3 mln t. Imports into Malaysia increased by +6.2% y-o-y to 19.2 mln tonnes. To Vietnam volumes were up by +20.2% y-o-y to 20.8 mln t. To Oman, volumes were down -22.7% y-o-y to 8.3 mln t, to Saudi Arabia down by -70.6% y-o-y to 2.5 mln t, to Bahrain -78.8% y-o-y to 2.0 mln t”.

Banchero Costa said that “mainland China is by far the largest importer of iron ore in the world. China accounted for 74.6% of global iron ore imports in Jan-Dec 2025. Imports into China increased +4.0% y-o-y in Jan-Dec 2024 to 1,256.4 mln tonnes. They have further increased by +1.8% y-o-y in Jan-Dec 2025 to 1,279.4 mln t, which is a new alltime record. As already mentioned, in Jan-Sep 2026, imports into China increased by +4.1% y-o-y to 967.8 mln t. This was driven primarily by a very strong +11.3% y-o-y surge in 1Q26, whilst growth moderated to +1.1% yo-y in 2Q26 and +0.5% y-o-y in 3Q26. The vast majority (71%) of iron ore volumes into China in Jan-Sep 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 3% on Supramaxes. The main iron ore import terminals in Mainland China are: Caofeidian (115.6 mln t discharged in Jan-Sep 2026), Tangshan/Jingtang (91.3 mln t), Lanshan (81.0 mln t), Ningbo/Zhoushan (80.9 mln t), Tianjin (64.1 mln t), Rizhao (58.2 mln t), Lianyungang (57.2 mln t), Dongjiakou (54.4 mln t), Huanghua (45.1 mln t), Fangcheng (39.5 mln t), Zhanjiang (38.8 mln t)”.

Meanwhile, “in terms of sources for China’s iron ore imports, Australia remains by far the top source country, with a 62.7% share in Jan-Sep 2026. Iron ore imports from Australia to China in Jan-Sep 2026 have increased by +1.9% y-o-y to an alltime high for the period of 606.5 mln tonnes, from 595.0 mln t in Jan-Sep 2025. The top loading port in Australia for iron ore cargoes to China is Port Hedland (354.2 mln t in Jan-Sep 2026). Brazil remains in second spot with a 21.5% share in Jan-Sep 2026. Imports to China from Brazil increased by +5.1% y-o-y in Jan-Sep 2026 to 208.3 mln tonnes, from 198.2 mln t in Jan-Sep 2025. The top port in Brazil for cargoes to China was Ponta da Madeira (78.2 mln t in Jan-Sep 2026). Volumes from South Africa to China declined by -7.1% y-o-y to 23.4 mln t in Jan-Sep 2026. From India volumes increased by +12.4% y-o-y to 19.4 mln t. From Peru volumes surged by +49.6% y-o-y to 18.5 mln t”, the shipbroker concluded. Nikos Roussanoglou, Hellenic Shipping News Worldwide