China’s iron ore imports saw a slight increase in August, according to official data released by the country’s customs authority. The world’s largest consumer of the commodity imported 105.23 million tonnes, marking a 0.6 per cent rise from the previous month. In related news, imports of steel products also experienced growth, climbing 11.1 per cent to 0.50 million tonnes. Conversely, steel exports saw a decline of 3.4 per cent, settling at 9.51 million tonnes.
Data regarding other commodities revealed a decrease in copper imports. August figures show 425,000 tonnes of copper were imported, an 11.5 per cent drop. China’s unwrought copper and copper product imports encompass a range of items, including anode, refined, alloy, and semi-finished copper products. The nation exported 534,000 tonnes of unwrought aluminium and aluminium products. These include primary, alloy, and semi-finished aluminium products, a decrease from July’s 542,000 tonnes.
Additional economic indicators released on Monday showed that yuan-denominated exports experienced a 4.8 per cent year-on-year increase in August, while imports grew by 1.7 per cent. China’s economic activity continues to be affected by international trade dynamics.
These shifts occur against a backdrop of ongoing trade tensions. The trade policies of the US administration, characterised by reciprocal tariff increases with China, have exerted pressure on China’s export-driven economy. This situation, combined with subdued domestic demand, presents considerable challenges for Chinese economic policy makers.
