Industry News

China’s import trends in May

Views : 122
Update time : 2024-06-11 16:51:15

Amid the slower-than-forecast imports for China for May, the usual suspects – iron ore, copper, and coal – stood out, but oil slid, even though global prices were not all that strong.

In fact, some canny analysts reckon China trimmed oil imports because of weak refining margins and the growing impact of growing sales of NEVs – Battery and Plug-in Hybrids – which are reducing demand for petrol (and impacting margins).

China's iron ore imports in May stayed above 100 million tonnes for a third straight month, customs data showed on Friday.

The world's largest iron ore consumer imported 102.03 million tonnes in May, according to the monthly data from China’s General Administration of Customs.

That was far away from the 101.82 million tonnes imported in April (and was the third 100 million tonne-plus month in a row) and 96.17 million tonnes in May 2023.

Persistent higher imports saw a steep rise in portside inventories, which climbed to 145.5 million tons by the end of May, the highest since April 2022, Mysteel reported last week.

For the first five months of 2024, China's iron ore imports totaled 513.75 million tonnes, a year-on-year increase of 7%, the data showed.

Now, when will China start limiting steel production to cut coal consumption and carbon emissions? It’s been threatened, now to see what actually transpires.

China's imports of coal rose 11% in May from a year earlier, as lower domestic output this year saw higher inbound shipments.

Related News
Read More >>
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Mar .12.2025
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Mar .12.2025
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they? Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
Mar .12.2025
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
International crude oil prices increase on Mar 11 International crude oil prices increase on Mar 11
Mar .12.2025
International crude oil prices increase on Mar 11