This was also strong on a seasonal basis (+33.6% y/y) but exports also rose, up 16.1% y/y to 0.7Mt.

“The normal seasonal slowdown in Chinese commodity imports didn’t materialise in May, with most commodities recording strong growth,” ANZ said in its May Commodity Insight.

“It’s clear that selective stimulus measures in recent months have improved domestic demand, resulting in these strong import numbers.

“However, if credit conditions tighten in the near term (as we suspect), commodity imports should fall slightly in the coming months.”