China's Iron Ore Imports Increased In May But To Fall In June

Iron ore and concentrate imports totalled 96.18 million mt in May 2023, a month-on-month growth of 5.73 million mt or 6.3%. YTD imports through May stood at 4.81 trillion mt, a year-on-year growth of 7.7%. The increase in iron ore imports in May was mainly due to the weakening of seasonal disruptions and the gradual recovery of overseas shipments.

The main increase still came from mainstream mines in Australia and Brazil. Shipments from non-mainstream mines in India, South Africa, and Iran shrank due to price factors.

SMM estimated that 12 blast furnaces would resume production in June, and 7 would be overhauled; the output of pig iron is expected to increase by about 700,000 mt compared with May.

However, considering that the working days in June is one day less and the seasonal factors, SMM expects that the import volume of iron ore in June may decline slightly.

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