Iron ore imports hit record high

China imported record amounts of iron ore in April and was also a net steel importer for the second month running, as the industry grappled with falling domestic ore output and slumping steel exports.

The country imported a record 57 million tons of iron ore in April, an all-time high, up 9 percent from a month ago and 33 percent greater than last April.

Customs data also showed China was a net importer of nearly 900,000 tons of crude steel, marking the second month running that inflows have exceeded outflows for the country, which had been a net steel exporter since 2005.