The first batch of Chin’a May data arrived yesterday and if it’s going to set the tone for the week ahead then the iron ore top will be in. Trade data for May registered a 2.8% fall in exports, which was slightly better than the 4% expected but imports continue to tank with commodity prices, down 18% versus 9% expected and showing still tepid domestic demand at best:
As a result the trade surplus soared to $54.5 billion:
Iron ore imports fell 12% from April to 70.87 million metric tons, and were 8.4% lower year on year.
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