China's steel mills lifted imports of iron ore by 27% to 23 million tonnes in January year on year.

This was despite a slow down in the grwoth rate of the second largest economy.

While imports climbed 10% to 820 million tonnes in 2013.

There has been an easing in the price of iron ore in January from circa US$138 a tonne to US$122 a tonne for 62% grade ore.

Stockpiles at Chinese ports have risen to 89.78 million tonnes in the week to Jan. 24, the highest since September 2012.