China's exports of steel products jumped 59.7% to 7.89
million tonnes in March, the highest monthly total since April
2021, the customs data showed, as domestic steel mills sought to
benefit from higher overseas prices.
For the first quarter, steel exports climbed by 53.2% to
20.08 million tonnes.
China's imports of steel products in March tumbled 32.5% to
682,000 tonnes while those for January-March slumped 40.5% to
1.91 million tonnes.
(Reporting by Amy Lv and Dominique Patton in Beijing; Editing
by Clarence Fernandez and Edwina Gibbs)
(Recasts on record first-quarter, adds analyst comment)
By Amy Lv and Dominique Patton
BEIJING, April 13 (Reuters) - China's imports of iron
ore surged nearly 10% in January-March to log a record for a
first quarter, helped by expectations of stronger steel demand
as the economy continues to emerge from the country's
now-abandoned zero-COVID regime.
First-quarter imports of the steel-making ingredient climbed
to 294.34 million tonnes. For March alone, imports grew 14.8% to
100.23 million tonnes, data from the General Administration of
Customs showed.
"The growing trend is in line with our expectations but the
total volumes were higher than we had expected," said Pei Hao, a
Shanghai-based senior analyst at international brokerage firm
FIS.
In a further sign that iron ore demand is beginning to
bounce back, China's daily hot metal output grew to 2.43 million
tonnes in the week of March 31, up nearly 4% from late February,
data from consultancy Mysteel showed.
Pei said, however, that imports volumes in April are likely
to increase only slightly as Cyclone Ilsa is threatening
Australia's northwest region - the world's largest hub for iron
ore, impacting shipments.
Refinitiv vessel-tracking data showed Australia and Brazil,
the world's top two iron ore suppliers, accounted for 86% of
iron ore arrivals in China last month. Overall imports were also
boosted by an 84% surge in iron ore from India to 2.68 million
tonnes in March after the country scrapped an export tax last
November.
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