In the January-June period this year, China’s iron ore imports amounted to 592.205 million mt, down 3.0 percent year on year, according to the latest data released by China's General Administration of Customs (GACC). However, the pace of the decline was much less than the 5.2 percent drop in the January-May period, signaling strong supply in May.
Most major miners in Australia wanted to increase shipments as they needed to fulfill their fiscal year targets.
In June alone, China’s iron ore imports totaled 105.948 million mt, up 8.5 percent year on year, while rising by 8.0 percent month on month.
In addition, crude steel production in China increased in May by 0.6 percent after weak April data and was expected to remain at the same or even a slightly higher level in June, so steel mills were eager to buy iron ore, seeing lower prices and better margins.
