07-09-2021 Dry bulk: Chinese coal and iron ore imports following seasonal trends amidst headwinds, DNB Markets
According to Chinese customs authorities August figures, Chinese imports of coal and iron ore amounted to 28.0 MMT and 97.4 MMT, which is down 7% MOM and up 10% MOM, respectively.
For coal, August imports were up 35% YOY but down 15% compared to 2019 and has YTD declined 10%. Seemingly, Chinese coal imports are thus far following the H2 pattern of 2019-2020 and is YTD 1% above its four-year historical average.
For iron ore, August imports were down 3% YOY but up 3% compared to 2019 and has YTD declined 2%. Disregarding current regulatory pressure on Chinese steelmakers, China’s iron ore imports usually sees a stronger H2, with recent figures pointing to a similar trend for 2021. YTD, Chinese iron ore imports are up 5% compared to its four-year historical average.