Chinese crude oil imports rose to a seven-month high in October, reaching nearly 42 million tons. The increase was driven by a recovery in shipments from the Persian Gulf, particularly Iraqi cargoes, although year-on-year imports remained 13% lower due to supply constraints linked to the Iran conflict. Oil product exports grew 15% to above 5 million tons.
Natural gas imports increased 2.4% to about 10 million tons as buyers stockpiled ahead of winter. However, domestic diesel inventory concerns and weakened prices are curbing demand. Production controls in Indonesia dragged coal imports down 5.5% to below 40 million tons.
Copper imports rose 3.5%, but a supply crunch pushed the Yangshan port premium to record levels. Iron ore imports fell 5.1% to a five-month low. Steel exports dropped below 10 million tons, and aluminum exports fell below 600,000 tons.
Fertilizer exports declined 26%, while soybean imports dropped 23% to a seven-month low despite increased US shipments under the trade truce.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing