China’s iron ore imports rose 7.4% on year in Jun, rose 7.7% in first half – customs data

 

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China’s imports of iron ore climbed by 7.4% to 95.52 million tonnes in June from the 88.97 million tonnes a year before, slightly lower than the 96.18 million tonnes in May, customs data showed.

Chinese steelmakers maintained a relatively high operational rate last month to produce more steel products and generate more cash flow despite seasonally slow downstream steel demand, analysts said.

In the first half of the year, China imported 576.14 million metric tons of the steelmaking ingredient in the first half of the year, rising by 7.7% from the same period a year earlier, showed customs data.

Chinese steelmakers maintained a relatively high operational rate in June to produce more steel products despite seasonally slow downstream steel demand, analysts said.

China’s daily hot metal production among China’s 247 major steel mills reached 2.47 million tonnes on average in late June, the highest since October 2020 and up 3% from a year earlier, according to consultancy Mysteel.

Rebounding steel prices contributed to improved steel margins, which also motivated mills to sustain production, said analysts.

The rise in steel prices last month was mainly driven by mounting expectations of a basket of stimulus measures to be rolled out to prop up China’s patchy post-pandemic economic recovery.