4 days ago
China May iron ore imports fall on expectations of seasonally slow demand
BEIJING, June 9 (Reuters) - China's iron ore imports dropped 4.9% in May from April, as mills exercised caution in procurement for seaborne cargoes in anticipation of seasonally slower steel consumption.
The world's largest iron ore consumer brought in 98.13 million metric tons of the key steelmaking ingredient last month, data from the General Administration of Customs showed on Monday.
May's volume, which missed analysts' expectations of above 100 million tons, was down from 103.14 million tons in April and 102.03 million tons in May 2024.
Some steelmakers preferred to procure cargoes from ports where supply was abundant and prices cheaper than seaborne cargoes, according to steel mills and analysts.
Lower imports saw portside inventory drop 2.8% month-on-month to 133 million tons by May 30, the lowest since February 2024.
Some vessels cleared customs in advance due to the May Day holiday break, contributing to lower-than-expected imports in May and higher-than-expected imports in April, said Steven Yu, senior analyst at consultancy Mysteel.
For the first five months of 2025, China's iron ore imports declined 5.2% year-on-year to 486.41 million tons.
