China’s General Administration of Customs said that China's exports & imports turned in a robust performance in May, both rising by more than expected and sparking hopes that the world's second-largest economy is emerging from its self-imposed zero-COVID hibernation. The slack demand for iron ore from steelmakers due to the lockdown in Shanghai has resulted in YoY decline in iron ore imports in April, however disruptions had eased by last month and appetite for iron ore imports was strong, despite weak consumption by China’s huge steel sector. On the other hand, Chinese traders have ramped up steel exports to compensate for tepid domestic demand due to lockdowns & 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.-----------May 2022Iron Ore Imports - in 92.52 million tonnes, up 3% YoYSteel Exports - 7.76 million tonnes, up 47% YoY, highest since April 2021Steel Imports – 0.81 million tonnes, down 8% YoYCrude Oil Imports - 46.1 million tonnes, up 12% YoYNatural Gas Imports – 9.04 million tonnes, down 12% YoYCoal Imports - 20.55 million tonnes, down 2% YoYCopper Imports – 0.46 million tonnes, up 2% YoY----------------------January-May 2022Iron ore Imports - 447 million tonnes, down 5% YoYSteel Exports - 25.92 million tonnes, down 16%Steel Imports – 4.98 million tonnes, down 8% YoYCrude Oil Imports - 46.1 million tonnes, down 1.7% YoYNatural Gas Imports – 9.04 million tonnes, down 12% YoYCoal Imports – 95.96 million tonnes, down 14% YoYCopper Imports – up 2% YoY
China’s General Administration of Customs said that China's exports & imports turned in a robust performance in May, both rising by more than expected and sparking hopes that the world's second-largest economy is emerging from its self-imposed zero-COVID hibernation. The slack demand for iron ore from steelmakers due to the lockdown in Shanghai has resulted in YoY decline in iron ore imports in April, however disruptions had eased by last month and appetite for iron ore imports was strong, despite weak consumption by China’s huge steel sector. On the other hand, Chinese traders have ramped up steel exports to compensate for tepid domestic demand due to lockdowns & 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.-----------May 2022Iron Ore Imports - in 92.52 million tonnes, up 3% YoYSteel Exports - 7.76 million tonnes, up 47% YoY, highest since April 2021Steel Imports – 0.81 million tonnes, down 8% YoYCrude Oil Imports - 46.1 million tonnes, up 12% YoYNatural Gas Imports – 9.04 million tonnes, down 12% YoYCoal Imports - 20.55 million tonnes, down 2% YoYCopper Imports – 0.46 million tonnes, up 2% YoY----------------------January-May 2022Iron ore Imports - 447 million tonnes, down 5% YoYSteel Exports - 25.92 million tonnes, down 16%Steel Imports – 4.98 million tonnes, down 8% YoYCrude Oil Imports - 46.1 million tonnes, down 1.7% YoYNatural Gas Imports – 9.04 million tonnes, down 12% YoYCoal Imports – 95.96 million tonnes, down 14% YoYCopper Imports – up 2% YoY
