No surprise that Chinese data out today shows that IO imports in April lowest for quite some time since Oct 17 given Vale shutdowns and heavy rains in Northern Brazil.
Imports up 4% when 3.6% drop expected.
Exports down 2.7% when 2.3% inc expected.
Not a bad thing that imports well up and IO down. Suggests that domestic demand quite strong. Steel output is still tracking well above last year’s output too.
Exports a bit of a disappointment but was very high in March (up 14%).
I did read yesterday on Mysteel that IO drawdowns were much higher than usual post holiday. Stock levels are already very low with low stock due to arrive from Brazil in the next couple of months at least.
Interesting space for IO at the moment
Iron ore price, page-12216
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