China’s steel exports hit a record high in December and rare earth exports soared 32% year-on-year; annual imports of soybeans, iron ore, and crude oil all broke records.

In 2025, China's soybean imports hit a historic high for the third consecutive year, reaching 112 million tons. Iron ore imports saw growth for the third consecutive year, also setting a new record. Coal imports recorded the largest decline in a decade. Meanwhile, in December, China's rare earth exports surged by 32% year-on-year, and steel product exports broke past the 2015 peak.

On Wednesday, January 14, the latest data released by the General Administration of Customs showed that in December, China's exports in yuan terms rose 5.2% year-on-year, while imports increased 4.4% year-on-year.

In terms of bulk commodity exports, steel product exports climbed to 11.3 million tons in December, surpassing the previous peak set in 2015. For the full year, export volume rose by 7.5% to a record 119 million tons. China's rare earth exports in December jumped 32% year-on-year to 4,392 tons.

For imports, December saw soybean imports reach 8 million tons, only a 1.3% increase, but total annual purchases reached 111.8 million tons, a 6.5% increase over 2024, marking a new historic high for the third year in a row. Iron ore and copper ore imports both hit record highs. In 2025, coal imports dropped sharply by 9.6% from the previous year’s historic high, the largest decline in a decade.

Additionally, crude oil imports in December were 55.97 million tons, with the annual total reaching 577.73 million tons—both record highs.

In 2025, steel product exports hit record high, rare earth exports surged

Data released by the General Administration of Customs shows that in December last year steel product exports climbed to 11.3 million tons, exceeding the previous peak set in 2015. This boosted annual export volume by 7.5% to a record 119 million tons.

Customs data also shows that China’s rare earth exports in December surged 32% year-on-year to 4,392 tons. For the full year, shipments of this key mineral increased 12.9% year-on-year to 62,585 tons, marking the highest level in at least 11 years.

It’s worth noting that although rare earth exports in December fell by 20%, this was mainly due to overseas buyers stocking up ahead of Christmas holidays, resulting in weaker demand.

Analysts believe this advance stocking led to reduced overseas buying after the holidays, causing December exports to drop. But on a year-on-year basis, the 32% growth still indicates a solid demand base.

In 2025, imports of soybeans, copper ore, iron ore, and crude oil all hit record highs

Soybeans: December imports rose 1.3% year-on-year to 8.04 million tons, in line with market expectations. Annual soybean imports reached 111.83 million tons, up 6.5% year-on-year, setting a new record for the third consecutive year.

Guoyuan Futures agricultural researcher Liu Jinlu said that concentrated shipments from major producers like Brazil and Argentina contributed to a sharp rise in imports in the first half of the year, helping boost the annual total to record levels.

Crude Oil: China imported 55.97 million tons in December, equal to an average of 13.18 million barrels per day—up 17% year-on-year and 10% month-on-month. Annual crude oil imports were 577.73 million tons, up 4.4% year-on-year.

Consultancy Kpler attributed oil import growth to stronger oil processing volumes and firmer restocking demand. It forecasts China’s oil processing volume will reach 15.38 million barrels/day in 2025, up 0.7% year-on-year.

Kpler analyst Muyu Xu said lower oil prices encouraged refiners to increase purchases, and strategic reserve restocking may also have played a role. Independent refiners were able to purchase more spot cargoes after receiving import quotas in November.

Both Kpler and shipping tracker Vortexa estimate that seaborne crude imports in December set a record above 12 million barrels/day.

Iron Ore: As a key feedstock for steelmaking, iron ore also hit record trade levels last year. Data shows China’s iron ore imports rose by 1.8% to an all-time high of 1.26 billion tons, marking third consecutive year of growth.

Unwrought Copper and Products: Imports last year fell 6.4% to 5.3 million tons, the lowest level in a decade. High prices and an economic slowdown weighed on demand, but much of the demand shifted to copper ore and concentrate, with annual imports rising 7.9% to a record 30 million tons.

Coal: Despite coal imports in December rising nearly 12% year-on-year, annual imports decreased by 9.6% to 490 million tons—the first drop since 2022, and the largest decline in a decade.

Analysts believe domestic production continued to grow, pushing coal prices to a four-year low and reducing the appeal of more expensive imported coal. Meanwhile, rapid adoption of clean energy in China is eroding coal demand.

Natural Gas: Data shows total imports—including both pipeline gas and LNG—surged 16.3% year-on-year in December to 13.45 million tons. But for 2025, total annual imports were 127.87 million tons, down 2.8% year-on-year, marking the first decline in three years.

December imports of crude oil, refined oil, natural gas, coal, and integrated circuits rose; imports of unwrought copper and copper materials, steel, and others declined

By volume, in December last year, imports of refined oil, crude oil, and natural gas were 3.987 million, 55.973 million, and 13.448 million tons respectively—up 21.04%, 17%, and 16.35% year-on-year.

Imports of unwrought copper and copper products, steel, and soybeans were 437,000, 517,000, and 8.044 million tons—down 21.82%, 16.75%, and up 1.3% year-on-year respectively.

By value, in December last year, imports of copper ore and concentrate, integrated circuits, and iron ore and concentrate were 58.09 billion, 302.05 billion, and 85.8 billion yuan, respectively—up 31.78%, 15.004%, and 8.81% year-on-year.

Imports of steel, unwrought copper and copper products, and refined oil were 6.63 billion, 35.13 billion, and 13.87 billion yuan respectively—down 9.43%, 7.48%, and 1.84% year-on-year.

Data released by the General Administration of Customs:

China imported 55.973 million tons of crude oil in December; total crude oil imports for the year were 577.726 million tons, up 4.4% year-on-year.

Refined oil exports in December were 5.367 million tons; total refined oil exports for the year were 58.02 million tons, down 0.2% year-on-year.

Refined oil imports in December were 3.987 million tons; total refined oil imports for the year were 42.418 million tons, down 12% year-on-year.

Coal and lignite imports in December were 58.597 million tons; total coal and lignite imports for the year were 490.27 million tons, down 9.6% year-on-year.

Natural gas imports in December were 13.448 million tons; total natural gas imports for the year were 127.865 million tons, down 2.8% year-on-year.

Soybean imports in December were 8.044 million tons; total soybean imports for the year were 111.833 million tons, up 6.5% year-on-year.

Edible vegetable oil imports in December were 667,000 tons; total edible vegetable oil imports for the year were 6.936 million tons, down 3.2% year-on-year.

Natural and synthetic rubber (including latex) imports in December were 953,000 tons; total natural and synthetic rubber (including latex) imports for the year were 8.525 million tons, up 16.7% year-on-year.

Meat (including offal) imports in December were 418,000 tons; total meat (including offal) imports for the year were 6.087 million tons, down 8.7% year-on-year.

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