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Steel exports in January-May increased by 24.7% over the same period. Steel imports decreased by 2.7% in January to May compared to the same period in 2023.
Customs data showed that China's iron ore imports in May were at over 100 million tons, thanks to expectations of higher demand following a series of stimulus measures by Beijing to revive the economy.
Data from China's General Administration of Customs showed that the world's largest iron ore consumer imported 102.03 million tons of the key steelmaking ingredient last month, in line with analysts' expectations. The volume is from 100 million to 105 million tons. This compares with 101.82 million tons imported in April and 96.17 million tons in May 2023.
Traders and steelmakers booked some seaborne shipments to arrive in May as lower-than-expected hot metal output in March bolstered confidence, said Chu Xinli, an analyst at China Futures. news of an increase in the coming months.
Beijing's stimulus measures since April to revive the country's struggling real estate sector have boosted sentiment and brightened the demand outlook.
Pei Hao, an analyst, said the spring demand surge started late this year, starting in April compared with March in previous years, so it is not surprising to see imports in the past two years. Last month increased.
Data from consulting firm Steelhome shows that continuously increasing imports contributed to a sharp increase in port inventories, rising to 145.5 million tons at the end of May, the highest since April 2022.
Data shows that in the first five months of 2024, China's total iron ore imports reached 513.75 million tons, an increase of 7% over the same period in 2023.
Iron ore imports in June are likely to remain high as miners may need to ramp up exports in May and June to meet quarterly targets, analysts said.
China's steel exports in May increased 15.2% year-on-year to 9.63 million tons, remaining above 9 million tons for the third consecutive month.
Steel exports in the first 5 months of the year reached 44.66 million tons, up 24.7% over the same period last year.
China's steel imports last month rose 1% year-on-year to 637,000 tons, with total imports in the January-May period down 2.7% year-on-year to 3.04 million tons .
Source: VINANET/VITIC/Reuters
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