China's imports of major commodities fell across the board in February from...
- China’s imports of major commodities fell across the board in February from a month earlier, according to official data released on Friday. The Lunar New Year holiday fell in early February this year.
FILE PHOTO: Workers transport imported soybean products at a port in Nantong, Jiangsu province, China April 9, 2018. REUTERS/Stringer/File Photo* Crude oil: China imported 39.23 million tonnes, versus 42.6 million tonnes in January* Soybeans: China imported 4.46 million tonnes, versus 7.38 million tonnes in JanuaryCommentary on soybeans“The low figures were still mainly because of tariffs on U.S. soybeans.
“Importers did not buy lots of Brazilian beans recently either, as they were waiting to buy U.S. soybeans, amid optimism of a final Sino-U.S. trade deal. What is more, there were no commercial benefits to bring in Brazilian soybeans as demand was flat due to African swine fever outbreaks.”“Feburary imports were surprisingly low, but I am expecting arrivals in March and April to pick up because utilities stepped up bookings last month.
“The sharp drop on February iron ore also came as major iron ore suppliers reduced shipment due to hurricane weather.”China is the world’s biggest net crude oil consumer and topbuyer of copper, coal, iron ore and soy.
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