China’s Appetite for Commodities Wanes as Economy Remains Sluggish

(Bloomberg) — China’s appetite for commodities eased in June, as a sluggish economy took the edge off import demand across a number of key raw materials.

Over the first six months of 2024, the world’s top importer bought less crude oil, soybeans, cooking oils, meat and rubber, compared with last year. That is unusual in markets that often see record demand each year as China’s economy expands. Some metals imports have also started to slow, while growth in coal purchases has weakened substantially.