China’s May Iron Ore Imports Fall Short as Steel Exports Hit 7-Month High

China’s iron ore imports dropped in May, falling 4.9% from April to 98.13 million metric tons, according to data from the General Administration of Customs. The figure missed analyst forecasts of over 100 million tons and marked a decline from 103.14 million tons in April and 102.03 million tons a year ago.

Weaker imports were driven by subdued demand from steel mills anticipating a seasonal slowdown in steel consumption. Some producers turned to domestic portside inventories, which offered cheaper and more abundant supplies. As a result, portside iron ore inventories dropped 2.8% month-on-month to 133 million tons by May 30, the lowest level since February 2024.

Analysts also attributed the lower import volume to customs clearance timing. Some shipments were processed earlier due to the May Day holiday, artificially boosting April figures and dragging down May totals.

Despite the dip, May’s iron ore volumes remained relatively strong as mills restocked amid falling inventories. For the first five months of 2025, China imported 486.41 million tons of iron ore, down 5.2% year-on-year.

Meanwhile, China’s steel product exports surged to a seven-month high in May, totaling 10.58 million tons—up 1.15% from April and 9.87% year-on-year. This marks the third consecutive month exports exceeded 10 million tons, fueled by front-loaded shipments amid tariff hike concerns. Cumulative exports in the January–May period rose 8.9% to 48.47 million tons, a record for the timeframe.

In contrast, steel imports fell 24.5% year-on-year in May to 481,000 tons. Total imports for the first five months declined 16.1% to 2.55 million tons, underscoring weaker domestic demand for foreign steel.