INSTANT VIEW-China commodity imports ease in Dec m/m, but coal soars

  • 1/14/2021
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Jan 14 (Reuters) - China’s imports of most major commodities eased in December from the previous month, customs data showed on Thursday, but coal imports soared. *Crude oil: Imports of 38.47 mln T vs 45.36 mln T in November *Iron ore: Imports of 96.75 mln T vs 98.15 mln T in November *Soybeans: Imports of 7.52 mln T vs 9.59 mln T in November *Copper: Imports of 512,332 T vs 561,311 T in November *Coal: Imports of 39.08 mln T vs 11.67 mln T in November Preliminary table of commodity trade data Comment on iron ore “China’s iron ore imports hit a record high in 2020 due to a plunge in global consumption, while China had strong domestic demand. But December imports fell both monthly and annually, proving that the overseas recovery is better than expected. The trend could last for a while. Iron ore prices could remain at high levels at least in the first half of 2021.” Comment on soybeans “December soy imports were lower than expected, probably due to shipping delays. In 2021, soybean crushing production capacity will continue to grow. The national pig herd will keep recovering and demand for soymeal is expected to rise further. Soybean imports in 2021 are expected to rise to 105-110 million tonnes.” LINKS: For details, see the official Customs website (www.customs.gov.cn) BACKGROUND: China is the world’s biggest crude oil importer and top buyer of copper, coal, iron ore and soybeans. (Reporting by Asia Commodities and Energy team; Editing by Richard Pullin)

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