May iron ore imports fall by 8.9pc

China | 7 Jun 2021 12:29 pm

China's iron ore imports in May fell by 8.9 perent from a month earlier, official customs data showed on Monday, as shipments from major miners were at lower seasonal levels while recovering overseas markets took more of the steelmaking ingredient, Reuters reports.

China imported 89.79 million tons of iron ore last month, data from the General Administration of Customs showed, down from 98.57 million ton in April.

May imports, however, were up by 3.2 percent from the same month in 2020. Iron ore arrivals have fallen for two straight months as supplies from top producers in Australia and Brazil are typically lower due to seasonal factors such as disruptions due to weather.

A recovering global economy has also meant higher demand for the steelmaking ingredient in overseas markets, said Wang Yingwu, analyst with Huatai Futures in Beijing.

"The proportion of iron ore shipped to China from Australia fell a lot recently, and we can see the decline to continue in coming months," Wang said, referring to robust consumption in other countries and a high base of China imports in 2020.

In the first five months of the year, China imported 471.77 million tons of iron ore, up by 6 percent from the same period in 2020, according to the customs data.

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