In the January-May period this year, China imported 481 million mt of iron ore, up 7.7 percent year on year, while the average imported price stood at RMB 791.5/mt ($111.5/mt), down 4.5 percent year on year, as announced by the Chinese customs authorities on June 7.
In May alone, China imported 96.175 million mt of iron ore, up 3.95 percent year on year, while up 6.34 percent month on month.
The expectation for the strong demand for steelmaking raw materials in May, resulting in the year-on-year rise in China’s iron ore imports volume in May.
However, the demand for iron ore hasn’t been as good as market players had expected, contributing to the declines in prices since May 17, though iron ore prices indicated a rebounding trend since May 24 amid the rises in finished steel prices.
