China’s detailed trade data for April paint a broadly positive picture of industrial metals demand. Meanwhile, the export surge associated with the Qingdao port scandal, as stocks were moved into more visible locations, appears to have largely run its course. The early indicators, published on 8th May, suggested that import volumes of industrial metals and ores were recovering in April after a weak start to the year. The more detailed data, published last week, confirmed that China’s import demand was resilient. “China’s April import data show solid, if unspectacular, demand for industrial raw materials. We expect imports to pick up later in the year as fiscal and monetary stimulus lift demand.” notes Capital Economics
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