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Related - China imports record crude, iron ore in July

China imports record crude, iron ore as economy expands

By Moming Zhou, MarketWatch

Last Update: 8/11/2009 11:20:00 AM

NEW YORK (MarketWatch) -- China's imports of crude oil and iron ore hit a record
high in July, customs data showed Tuesday, as the nation's $586 billion stimulus
plan continued to push up demand for commodities.

Crude oil imports jumped 18% from a month ago to 19.63 million metric tons last
month, or about 4.8 million barrels a day, according to monthly data released by
China's General Administration of Customs. Iron ore imports rose 5% to 58.08
million metric tons.

China, the world's second biggest oil consumer and the No. 1 user of iron ore,
spent $13.8 billion in the imports of the two commodities. China's strong demand
for commodities came also as the country continued to build its strategic reserve
for crude, copper, and other commodities.

Total oil imports in the first seven months rose to 110.4 million metric tons, up
5.5% from a month ago. Iron ore imports rose to 355.25 million metric tons, up
31.8% from a year ago.

"This rapid and broad-based growth in commodity imports in July reflects both the
strong real demand in China and China's deep pockets," said Ting Lu, an economist
at Bank of America Merrill Lynch, in a note.

Merrill Lynch recently raised its forecast for the world's third-largest economy
to grow 8.7%, from 8.0% previously. China last month reported its economy
increased by a higher-than-expected 7.9% in the second quarter. See full story on
China's economic growth data.
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Official data released on Tuesday showed China's industrial production and
investments in urban fixed assets increased at a rapid rate in July, keeping
alive expectations government policies will continue to support an economic
recovery. See related story.
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