World’s largest consumer of iron ore, China, imports a majority of iron ore from Australia, Brazil, and South Africa. In May’16, the country imported monthly highest quantity in 2016.
In May’16, China iron ore imports registered at 86.75 MnT, up by 3.3% M-o-M as it was 83.9 MnT in Apr’16.
However, country’s imports increased by 22% Y-o-Y, as it was 70.9 MnT in the same consecutive month last year. China iron ore imports in the first five months of 2016, recorded at 412 MnT, higher by 9% than in the same consecutive months in 2015.
World’s top supplying countries namely Australia and Brazil continue to supply low-grade ore to China to gain market share from smaller rivals. Alongside, Chinese steel mills were using more imported ore over domestic as crude iron ore production in China continues to remain low.
China steel exports increases
Steel exports in May’16 were recorded at 9.4 MnT, which was at 9.0 MnT in the month of April. However, in the first five months of 2016, steel exports was recorded at 46.0 MnT, up by 5.7% in the same period in 2015.
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