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China's iron ore, copper imports rise in September from August

(Reuters) - China’s imports of major commodities including iron ore, copper, oil and soybeans rose in September from a month earlier. Coal imports eased.

FILE PHOTO: Cranes unload imported iron ore from a cargo vessel at a port in Lianyungang, Jiangsu province, China October 27, 2019. REUTERS/Stringer

KEY POINTS:

*Crude oil: Imports of 48.48 mln T vs 47.48 mln T in July

*Iron ore: Imports of 108.55 mln T vs 100.36 mln T in July

*Soybeans: Imports of 9.79 mln T vs 9.60 mln T in July

*Copper: Imports of 722,450 T vs 668,486 T in July

*Coal: Imports of 18.68 mln T vs 20.66 mln T in July

Preliminary table of commodity trade data <TRADE/CN>

Comment on crude oil

CHEN JIYAO, HEAD OF CHINA CLIENT ADVISORY, FGE:

“As the impact from typhoon gradually subsided from seond-half of September, discharging and clearance of inbound crude cargoes picked up pace. Port operations should continue at high capacity in the near-term. This coupled with reduced inbound flows of fresh cargoes should further draw down floating storage in the coming weeks.”

SENG YICK TEE, SENIOR DIRECTOR, SIA ENERGY:

“Independents (teapots and mega private petchem refineries) remained the main drivers of China’s crude imports in September. In contrast to strong imports growth in the second and third quarters, China’s crude imports growth is likely to be muted in 4Q20 due to historical high crude inventories and a higher import base recorded in 4Q19.”

LINKS:

For details, see the official Customs website (www.customs.gov.cn)

BACKGROUND:

China is the world’s biggest crude oil importer and top buyer of copper, coal, iron ore and soybeans.

Reporting by Asia Commodities and Energy team; Editing by Richard Pullin

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