Chinese iron ore & coal imports so far into 2022 are down 7% and 16% YOY, respectively. According to Chinese customs authorities, iron ore imports for April came in at 86 MMT, down 13% YOY. Iron ore imports for April were also 2% lower than the 5-year average of 88 MMT. As a result, total iron ore imports in 2022 YTD came in at 354 MMT, down 7% YOY compared to 382 MMT in 2021. In our dry bulk sector report from July, we had modelled for Chinese iron imports to increase 4.8% in 2022, which compares to a decline of 7.3% so far in 2022 as China’s lockdown measures continue to affect import levels.
 
For April, Chinese coal imports saw an increase from March figures of 43% MOM and 8% YOY, respectively, to 24 MMT. For 2022 YTD, coal imports stand at 75 MMT, down 16% YOY and below YTD 5-year average of 101 MMT. Furthermore, the YTD coal imports decline of 16% compares with our modelled 3% growth for 2022.