China Commodity Trade Data

China's May commodity imports were generally weaker, with a significant decline in crude oil partially offset by stable base metal demand. The report highlights the impacts of domestic refinery issues and global supply-chain conflicts.

Key Takeaways

• 1.China's commodity imports were broadly softer in May, characterized by weakening energy flows and resilient industrial metals.
• 2.Crude oil imports faced a sharp contraction of 29% y/y due to refined product export bans and lower refinery margins.
• 3.Iron ore imports moderated to 97.7mt amid subdued steel sector demand and weaker margins.

Table of Contents

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• Charts
• Data
• China's energy trade data
• Important Notice

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