China, the world's largest iron ore consumer, imported 96.18 million tonnes of iron ore last May, higher than May 2022 imports of 92.52 million tonnes, the General Administration of Customs said.
The data showed that May import volume increased by 6.34% compared to April 2023 imports of 90.44 million tonnes.
From January to May this year, China's iron ore imports amounted to 481 million tonnes, up 7.7% from the same period last year, while the average import price decreased by 4.5% to CNY791.5/tonne ($111.5/tonne). It was down 4.5 per cent y-o-y.
However, although the demand for iron ore has not been as good as market players expected, contributing to the decrease in prices since 17 May, iron ore prices have been on an upward trend since 24 May due to the increase in finished steel prices.
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