Customs data showed that China’s imports of iron ore increased by 3.95% in May compared to May 2022, as the relative increase in production led to continued demand for components of the steel industry.
The General Administration of Customs said that the imports of (China), the largest consumer of iron ore in the world, amounted to 96.18 million tons of iron ore last May, higher than the imports of May 2022, which amounted to 92.52 million tons.
The data showed that the volume of imports for the month of May increased by 6.34% over the imports of April 2023, which amounted to 90.44 million tons.
From January to May this year, China’s iron ore imports amounted to 481 million tons, up 7.7% over the same period last year, while the average imported price was 791.5 Chinese yuan / ton ($ 111.5 / ton), down 4.5%. % on an annual basis.
However, the demand for iron ore has not been as good as market players expected, which contributed to the decline in prices since May 17th, although iron ore prices indicated an upward trend since May 24th amid higher prices of finished steel.
