IIR Import Volume Notches a New High
Introduction: In March 2024, China’s IIR import volume registered a strong performance, surpassing previous monthly records. This article mainly analyzes the changes in the import data of IIR in China for March.
According to the data published by the General Administration of Customs of the People’s Republic of China (GACC), the import volume of regular IIR in March 2024 was 18,677.28mt, up 184.61% M-O-M and 56.10% Y-O-Y. The import volume of HIIR was 20,055.37mt, which increased by 71.10% M-O-M and 83.63% Y-O-Y. The increase in import volume in March was significant, which might be partly due to the delayed arrival of some imports from previous orders. What’s more, there could be delays in China’s domestic settlements. Nevertheless, the supply of regular IIR in the domestic spot market remained tight. The supply-demand relationship remained tight generally, despite some resources being released into the market.
As for the trading partners, the top three origins of regular IIR in March were Russia, Singapore and India. Among them, Russia was in the first place, with the import volume of 16,625.88mt, a M-O-M increase of 252.68%, and a Y-O-Y increase of 63.51%, accounting for 89% of the total imports. Singapore was next, with the import volume of 903.76mt, a M-O-M increase of 47.72%, and a Y-O-Y decrease of 19.18%, accounting for 5% of the total imports. India ranked third, with the import volume of 522.72mt, down 15.38% M-O-M, accounting for 3% of the total imports.
In terms of HIIR imports, the top three trading partners in March were Russia, Saudi Arabia and the U.S. The import volume from Russia was 11,848.32mt, up 61.42% M-O-M and 276.85% Y-O-Y, accounting for 59% of the total imports. China imported 4,225.25mt of HIIR from Saudi Arabia, which increased by 89.25% M-O-M and 32.36% Y-O-Y, accounting for 21% of the total imports. The U.S. ranked third, with the import volume of 1,427.18mt, a M-O-M increase of 192.96%, and a Y-O-Y increase of 81.05%, accounting for 7% of the total imports.
As for the trade modes, the foremost import mode for regular IIR in March was logistics goods in areas under special customs supervision, and the import volume via this mode was 11,467.8mt, up 190.37% M-O-M and 63.39% Y-O-Y, accounting for 61% of the total imports. This was followed by general trade, with the import volume of 4,028.87mt, a M-O-M increase of 190.51%, but a Y-O-Y decrease of 14.15%, accounting for 22% of the total imports. Inbound and outbound goods in supervised bonded areas ranked third, with import volume of 2,794.14mt, which increased by 521.9% M-O-M, accounting for 15% of the total imports.
In terms of HIIR imports, the leading trade mode in March was logistics goods in areas under special customs supervision, and the import volume via this mode was 10,794.17mt, up 118.88% M-O-M and 226.77% Y-O-Y, accounting for 54% of the total imports. HIIR imported via processing trade with imported materials notched 4,606.84mt, which increased by 169.48% M-O-M and 12.37% Y-O-Y, accounting for 23% of the total imports. General trade was third, with import volume of 3,187.92mt, a M-O-M increase of 6.2%, accounting for 16% of the total imports.
Given the outstanding performance of IIR imports in March, which has become the new historical monthly high, it may seem unlikely that the import volume in April will break the record. Therefore, a M-O-M decrease is expected in the import volume in April, but the overall imports are envisaged to remain high.
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