Coal imports were also weak on a month-on-month basis, falling 10.4% to 13.5 million tonnes. However even on a year-to-date basis, volumes were down (-10.2%). Compounding this was a strong rise in exports of 50% month-on-month to 910kt.
"China recorded some strong increases in commodity imports, mirroring the rally in prices we have seen in many markets in the past few weeks," ANZ said.
"Using YTD data (which strips out the impact of the Chinese New Year), imports of crude oil and copper surged 9.3% and 23.3% y/y respectively.
"Improving sentiment in the sector has no doubt given consumers the confidence to continue to restock. Higher prices in recent weeks may dampen some of this demand; however, we expect volumes to remain robust."
