October 14, 2019 / 3:11 AM / a month ago

China's September iron ore, copper imports jump month-on-month; oil, soy ease

(Reuters) - China’s imports of iron ore and copper jumped in September from a month earlier, while shipments of crude, coal and soybeans eased, according to data released on Friday by China’s General Administration of Customs.

KEY POINTS:

* Copper: China imported 445,000 tonnes, versus 404,000 tonnes in August

* Crude oil: China imported 41.24 million tonnes, versus 42.17 million tonnes in August

* Iron ore: China imported 99.36 million tonnes, versus 94.85 million tonnes in August

* Soybeans: China imported 8.20 million tonnes, versus 9.48 million tonnes in August

* Coal: China imported 30.29 million tonnes of coal, versus 32.95 million tonnes in August

Commentary on soy

XIE HUILAN, ANALYST, COFEED:

“The volume of soybeans crushed in September was relatively small as crush margins and demand for soymeal have fallen due to the African swine fever,” said Xie Huilan, an analyst with Cofeed, an agribusiness research firm.

Commentary on crude

SENG YICK TEE, SENIOR DIRECTOR, SIA ENERGY:

“China’s crude imports in September 2019 were boosted by the start up of new refineries as well as an expansion project under CNPC. Refiners also replenished stocks ahead of the national day holidays.

“Growth in imports in the fourth quarter may slow due to ample stockpiles and lack of spare strategic reserve tank space”

LINKS:

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

BACKGROUND:

China is the world’s biggest net crude oil consumer and topbuyer of copper, coal, iron ore and soy.

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

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