Iron ore imports in China increased by 5.1 percent year on year to 445.306 million mt in the January-May period of the current year, with this year-on-year rise 0.3 percentage points slower than that recorded in the first four months of the year, as announced by the Chinese customs authorities on June 7. Average iron ore import prices stood at $89.98/mt in the January-May period, up $2.87/mt compared to the same period last year.
In May alone, China imported 87.026 million mt of iron ore, up 3.9 percent year on year but down 9.1 percent month on month. Iron ore prices have moved on an overall upward trend in May due to good demand from steelmakers and rising iron ore futures prices at Dalian Commodity Exchange (DCE). The rising trend of iron ore prices will likely continue in the coming period amid good demand and concerns regarding supplies.
