[SMM import volume analysis] Iron ore imports in April increased by 12.58% year-on-year. It is expected that imports in May may still increase.

According to statistics from the General Administration of Customs of China, China imported 101.818 million tons of iron ore and concentrates in April, an increase of 1.1 million tons from the previous month, a month-on-month increase of 1.09%; a significant year-on-year increase of 12.58% . From January to April, the imports of iron ore and concentrates totaled 411.821 million mt, a year-on-year increase of 7.2%.

Import volume increased in April, mainly due to the significant improvement in domestic demand and a large increase in steel mills' pig iron output. The overall demand for iron ore increased significantly, and the transaction on platform doubled. However, the number of working days in April was less than that in March, so the increase in import volume in April was smaller.

In May, steel mills resumed production at a faster pace, pig iron output increased and reached a peak, and there is still room for growth in iron ore demand. In addition, the impact of weather has been eliminated, and the current iron ore price is at a high level, mines shipments are relatively active, and coupled with the fact that there is one more working day in May than in April, it is expected that the iron ore import volume in May may increase month-on-month.