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- China's July commodity imports rebound from previous month
China's July commodity imports rebound from previous month
China's imports of iron ore, crude, coal, copper and soybeans all rose in July from a month earlier, according to data released by China's General Administration of Customs.
Copper: China imported 420,000 tonnes, versus 326,000 tonnes in June
Crude oil: China imported 41.04 million tonnes, versus 39.5 million tonnes in June
Iron ore: China imported 91.02 million tonnes, versus 75.18 million tonnes in June
Soybeans: China imported 8.64 million tonnes, versus 6.51 million tonnes in June
Coal: China imported 32.89 million tonnes of coal, versus 27.10 million tonnes in June
"Iron ore imports recovered in July as demand was still seen in steel mills, while anti-smog curbs have also been relaxed this year. Meanwhile, shipments from Brazil have been beyond market expectations and are speeding up. This could offset the impact from Australia's scheduled maintenance after the H1 earning season. The trade war with the United States may affect business confidence but will not affect imports of iron ore, there's still strong demand from mills", Zhao Yu, analyst of Huatai Futures. said.
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