Bauxite stands out in China’s tepid dry bulk import mix

According to a recent report by shipbroker Banchero Costa, China imported 47.1M tonnes of bauxite and alumina in Q1 2025, marking a 30% year-on-year increase.

“Excluding the real estate sector, China’s economy is actually doing relatively well, supported by consumption, retail and manufacturing,” Banchero Costa head of research Ralph Leszczynski told Riviera. “This is reflected in the very strong figures for bauxite imports – used in aluminium production – as well as minor commodities like spodumene and silica sand,” he added.

BRS Shipbrokers similarly reported in early April that Chinese bauxite imports are expected to remain elevated in the near term, driven by increased second-quarter demand from new alumina capacity and strong supply from Guinea and Australia.

Weakness in other trade flows

In contrast, Mr Leszczynski pointed out steel production in China remains weak compared with recent years, largely due to the continued downturn in the real estate sector – directly affecting iron ore demand.

Citing Chinese customs data, Banchero Costa reported total iron ore imports fell by 8% year-on-year in Q1 2025, to 285M tonnes.

Coal imports presented a mixed picture. While thermal and coking coal imports rose 13% in March compared with February, overall volumes in Q1 2025 were down 1% year-on-year.

Mr Leszczynski noted the monthly increase was partly due to falling LNG imports – used as a direct alternative for power generation – with more cargoes diverted to Europe. He also cited cheap international coal prices – now competitive with domestic Chinese coal – and the end of China’s de facto boycott of Australian coal as key contributing factors.

In the agricultural segment, soya bean imports fell 8% year-on-year in the first quarter, totalling 17M tonnes. “This primarily reflects lower purchasing volumes from the USA, driven by the ongoing tariff dispute,” Mr Leszczynski said.

Total grain imports dropped nearly 80% compared with the same period in 2024, highlighting broader weaknesses in agricultural commodity flows to China.