Monday, June 5, 2023
HomeHeadlinesChina May iron ore imports up 3% on supply chain easing


To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

China May iron ore imports up 3% on supply chain easing

China’s iron ore imports rose 3% in May from the same month a year earlier, customs data showed on Thursday, after disruptions to shipments by major suppliers eased.

The world’s top iron ore consumer brought in 92.52 million tonnes last month, up from 89.79 million tonnes in May 2021, the General Administration of Customs said.

Imports of the steel-making ingredient had slipped in recent months, as miners in Australia were hit by pandemic-induced labour shortages, while Brazil’s Vale struggled with weather.

In addition, war has suspended exports from smaller suppliers Ukraine and Russia.

However, disruptions had eased by last month, and appetite for imports was strong, despite weak consumption by China’s huge steel sector, analysts said.

“Australian and Brazilian iron ore miners’ run rates have improved materially since February’s lows, so it’s unsurprising to see imports shoot higher in May,” said Atilla Widnell, managing director at Singapore-based Navigate Commodities.

Chinese blast furnace utilisation rates have also outpaced iron ore imports, he added, with mills’ hopes of a quick rebound from COVID-19 lockdowns leading to a significant drawdown in portside inventories in the period.

In the first five months of 2022, China imported 447 million tonnes of iron ore, down 5.1% from the same period a year ago.

Data also showed that China’s steel product exports stood at 7.76 million tonnes in May, the highest since April 2021.

Some Chinese traders have ramped up exports to Europe to fill a shortfall caused by the Ukraine war.

“Demand for Chinese slabs, on which China places 15% export taxes, has been especially strong amidst a Black Sea supply vacuum,” said consultancy Rystad Energy in a note this week.

Exports in the first five months of the year were down 16.2% to 25.92 million tonnes.

Steel imports last month reached 806,000 tonnes, with total January-May imports at 4.98 million tonnes, customs said.

Source: Reuters

Related Posts


Finance & Economy
Shipping News

BW LPG appoints new CFO

BW LPG announced that it has appointed Ms Samantha Xu as Chief Financial Officer (CFO), effective 1 September 2023. Ms Xu has over 20 years...

Frontline Posts Highest First Quarter Results Since 2008

Frontline plc reported unaudited results for the three months ended March 31, 2023: Highlights Highest first quarter profit since 2008 of $199.6 million, or $0.90 per...

Diana Shipping posts slightly lower Q1 profit; takes out $123m in loans

Diana Shipping reported net income of $22.7 million and net income attributed to common stockholders of $21.3 million for the first quarter of 2023....

CMA CGM Profit Eases as Container Transport Demand Wanes

CMA CGM expects its profit to ease further for the rest of the year after a first-quarter decline, as an uncertain economy and influx...

Seanergy ‘well positioned to benefit from positive trend in Capesize market’

Seanergy Maritime Holdings Corp., announced its financial results for the first quarter ended March 31, 2023, and declared a quarterly dividend of $0.025 per...

Taiwan Shipping Firms Set to Hand Out Bumper Bonuses Again

Taiwanese shipping companies are handing out bumper mid-year bonuses despite a slump in global...

Baltic index hits over 3-month low amid lower coal imports

The Baltic exchange’s main sea freight index extended losses for the 15th session straight...

Baltic index falls for the month as vessel demand wanes

The Baltic exchange’s main sea freight index recorded its first monthly decline in four...

North Korea missile tests endanger shipping, UN maritime agency told

North Korean missile tests are endangering the safety of commercial shipping in busy sea...

Singapore Clamps Down on Tankers as Dark Fleet Grows

Singapore’s detentions of oil and chemicals tankers have surged since early last year, highlighting...

DP World Completes Terminal Expansion Project Vancouver Port

DP World has completed the AED954 million ($259.78 million) Centerm expansion project, increasing container throughput at the Port of Vancouver by 60 percent. The terminal...

DP World completes AED 954 million Vancouver port expansion

DP World and the Vancouver Fraser Port Authority have celebrated two historic events – the completion of the Centerm Expansion Project at DP World...

Alexandroupolis port gets 24 million euros of EU funding

Greece has secured 24 million euros ($26 million) in European Union funding to upgrade its northern Aegean Sea port of Alexandroupolis, privatisation agency HRADF...

Port Hedland Iron Ore Exports Down 5% in April

Pilbara Ports Authority (PPA) has delivered a total monthly throughput of 57.7 million tonnes (Mt) for April 2023. This throughput was a two per cent...

APM Terminals Reveals $1 Billion Investment in Brazil

APM Terminals’ CEO Keith Svendsen has pledged an investment of about US$1 billion in the company's Brazilian operations up to 2026. The amount includes around...