China's Commodity Imports Stay Strong Despite Economic Concerns

China's imports of major commodities like crude oil, natural gas, coal, and iron ore remained strong in September despite concerns about economic weakness.

Copper imports were down in September but likely due to increased domestic production rather than weak demand.

Crude oil imports were up 14% in the first 9 months of 2022 compared to 2021, as China ramped up refining and fuel exports.

Iron ore imports were up 6.7% in the first 9 months of 2022, despite construction sector troubles, partly due to steel export demand.

Coal imports hit record levels in August and remained very high in September due to domestic output curbs, hydropower issues, and competitive international prices.