SHANGHAI, May 16 (SMM) – According to customs data, China imported 385 million mt of iron ore in the first four months of this year, an increase of 8.6% YoY. The import volume in April was 90.44 million mt, down 9.8% MoM.
In April, pig iron production peaked. The arrival of rainy season slowed down construction activities. Steel demand softened with the completion of property projects. Steel mills began to suffer losses and shut down for maintenance. Moreover, steel mills in Shanxi jointly undertook maintenance in order to reduce their inventory pressure, hurting iron ore demand. Australia was hit by hurricane in mid-April, which affected iron ore shipments. In addition, the Qingming Festival and a shorter month also caused imports in April to drop from March.