Iron Ore Imports Increased Slightly MoM in May; June Imports May Decline

According to the General Administration of Customs, from January to May, the total imports of iron ore and concentrates were 513.746 million mt, up 7% YoY. In May, the import volume of iron ore and concentrates was 102.033 million mt, up 0.21% MoM, mainly due to the active resumption of blast furnaces in May, which boosted demand for iron ore. Additionally, the weather was relatively good in May, leading to an increase in overseas shipments. Moreover, there was one more working day in May compared to April, although Rio Tinto's train derailment incident affected some shipments. Entering June, the last month of the quarter, some mines may step up shipments. With pig iron output peaking, the overall demand for iron ore remains high. However, the market is bearish about the off-season demand, and buying interest has declined. Additionally, there is one less working day in June compared to May. Therefore, the import volume of iron ore in June is expected to decline slightly.