China’s imports of crude oil, copper, iron ore and soybeans all rose in May from a month earlier on a volume basis, suggesting domestic and export demand are a bit stronger than many foreign analysts believe.
Analysts had expected import growth to slow sharply tanks to signs of a slowing in manufacturing activity, lower oil, iron ore and coal prices and worries about growing inventories and the seasonal slowdown in demand as summer approaches.
Iron ore prices are near eight-month lows around or just under $US55 a tonne as a result of those concerns.
But those worries didn’t appear in the export figures which were much stronger than expected.
Imports of iron ore last month reached 91.52 million tonnes, according to data from the General Administration of Customs on Thursday, up 5.6% from 86.75 million tonnes a year ago and up 7.9% from April’s six month low of 82.23 million tonnes.
Imports of steel products rose 2.8% to 1.11 million tonnes in May from April. Exports rose 7.6% to 6.98 million tonnes.
Iron ore imports jumped 7.9 percent by volume from a year earlier and 67.7% by value in the first five months of the year, while coal imports surged 133% by value and crude oil 64.9% in the same period
China imported 390,000 tonnes of copper against 300,000 tonnes in April; China imported 37.20 million tonnes of oil in may, the second highest on crecord, versus 34.39 million tonnes in April.
In soybeans China imported 9.59 million tonnes, against 8.02 million tonnes in April. But coal imports fell 10% to 22.19 million tonnes, from 24.78 million tonnes in April, no doubt reflecting the impact of the disruptions in Australia that cut exports by 45%.
