The imports of iron ore in April increased slightly MoM and are expected to extend increases in May

The imports of iron ore and concentrate in April were 101.818 million mt, up 1.09% MoM. Improved domestic demand and notably rising output of pig iron in steel mills contributed to the growth. The overall demand for iron ore increased significantly, with transactions doubling. However, the MoM growth was small due to fewer days. In May, steel mills resumed production at a faster pace, helping pig iron output reach a peak. There is still room for growth in iron ore demand. As bad weather receded, shipments from mines were active amid high iron ore prices. Therefore, it is expected the iron ore imports in May will increase MoM.