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中国12月大宗商品进口量涨跌互现,铁矿石保持高位,煤炭、大豆全年进口量创新高

In December, China's import volume of CSI Commodity Equity Index showed a mixed trend, with iron ore remaining at a high level, while the import volume of Coal and Soybean reached a record high for the year.

wallstreetcn ·  Jan 13 15:23

In December, the year-on-year increase in unrefined Copper and copper materials, integrated circuits, iron ore and its concentrates ranked first, while the decline in finished oil was the largest. The import volume of iron ore has remained above 0.1 billion tons for six consecutive months, and the import volume of Coal has remained above 45 million tons for the sixth consecutive month.

On January 13, Monday, the General Administration of Customs of China released import and export data, showing that in December 2024, the import volume of CSI Commodity Equity Index exhibited mixed trends, with the largest increases in unwrought Copper and Copper products, integrated circuits, iron ore, and its concentrates, while the decline was the largest for finished oil products.

Among them, the import volumes of iron ore and Coal remained at high levels, with iron ore imports maintained above 0.1 billion tons for six consecutive months, and Coal imports staying above 45 million tons for the sixth consecutive month; however, in December, China's Coal imports fell below the historical high of 54.98 million tons in November.

In the whole year of 2024, Coal imports increased by 14.4% year-on-year, setting a new historical record. Analysts stated that this was due to the drop in international Coal prices prompting buyers to use imports instead of domestic supplies.

The import volumes of iron ore and Soybean also reached new highs for the year, mainly because the price decline of both in 2024 stimulated purchasing behavior. Additionally, the import volume of integrated circuits saw the highest year-on-year growth, while both Steel and Crude Oil Product experienced a decline in volume and price.

In December, the import volumes of major CSI Commodity Equity Index showed mixed trends.

In December, the import volume of CSI Commodity Equity Index in our country exhibited mixed trends, with unwrought Copper and Copper products, integrated circuits, iron ore and its concentrates leading in increases, while finished oil products saw the largest decline.

In terms of quantity, unwrought Copper and Copper product imports increased the most in December, climbing by 21.7%, followed by integrated circuits, which saw a year-on-year increase of 13.0%, while finished oil import volumes experienced the largest year-on-year decline of up to 30.8%.

In December, China's iron ore imports remained at a high level, staying above 0.1 billion tons for six consecutive months.

In terms of Energy products, coal imports have maintained above 45 million tons for the sixth consecutive month in preparation for the winter demand peak. However, in December, China's coal imports were lower than the historical high of 54.98 million tons in November.

In December, soybean imports fell by 19.2%. Analysts believe this may be due to slower customs clearance.

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In terms of month-on-month comparison, the growth rate of steel was the highest at 31.3%, while refined oil experienced the largest decline, decreasing by 19.2%.

Calculated by amount, imports of unwrought copper and copper products grew the fastest in December, increasing by 34.3% year-on-year, while soybean imports fell by 34.2%, marking the largest drop.

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In terms of month-on-month comparison, the import value of steel increased by 19.0% in December, while the import value of refined oil fell by 14.3%.

In 2024, the import volume of integrated circuits saw the most significant year-on-year growth, while both Steel and Crude Oil experienced a decline in both volume and price.

Throughout 2024, with the exception of Steel and Crude Oil, the import volume of other major CSI Commodity Equity Index saw year-on-year growth.

Among these, the growth in integrated circuit imports was particularly notable, with a cumulative import of 549.18 billion units in 2024, marking a year-on-year increase of 14.6%.

Following integrated circuits, Coal imports in 2024 grew by 14.4% year-on-year, reaching a historical high. Analysts indicated that this was due to falling international coal prices prompting buyers to substitute imports for domestic supply. LSEG's Chief Coal Analyst Toby Hassall stated: "The increase in China's coal import volume in 2024 is supported by the decline in marine coal prices."

In 2024, iron ore prices rose for the second consecutive year, reaching a new high. Analysts noted that this was because the decrease in prices stimulated purchasing behavior.

Last year, China also set a new high for Soybean imports. Analysts stated that the main reason was the significant drop in CBOT Soybean prices in 2024, which reduced import costs, improved crushing profit margins, and increased procurement activities in oil mills.

In 2024, imports of Steel and Crude Oil both declined in volume and price. Analysts pointed out that, in the past two decades, aside from the pandemic causing a drop in annual Crude Oil imports, 2024 marked the first annual decrease in Crude Oil import volume, primarily because peak fuel consumption suppressed import volumes.

The translation is provided by third-party software.


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