Trade commodities in China
China is the world's largest importer of crude oil, iron ore, and soybeans, driving global commodity demand. The country is also a major producer and exporter of rare earth elements, steel, and aluminum. Its commodity markets, including the Shanghai Futures Exchange and Dalian Commodity Exchange, are among the most actively traded globally.
What China sells and buys.
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China's commodity trade profile
China is the demand sink for half the world's seaborne iron ore, copper concentrate, soybeans, and crude oil imports. Top crude suppliers are Russia (now displacing Saudi Arabia in some months), Saudi Arabia, Iraq, Angola, and Brazil. Iron ore flows almost entirely from Australia (Pilbara) and Brazil (Vale Carajás). Chinese soybean imports (~100 Mt/year) split roughly 70% Brazil, 25% US, 5% Argentina post-trade-war reshuffle. On the export side, China dominates rare earths processing, lithium chemicals refining, and refined steel: though export taxes on primary aluminum and steel periodically reshape flows.
How commodity trade works in China
Trading happens through three main channels: state-owned majors (Sinochem, COFCO, Sinopec, CNOOC trading arms), private trading houses, and direct end-user procurement at smelters and steel mills. The Shanghai Futures Exchange, Dalian Commodity Exchange, and Zhengzhou Commodity Exchange host the world's largest commodity derivatives volumes by lots traded. Yuan-denominated benchmarks (Shanghai gold, Dalian iron ore, Shanghai copper) increasingly co-exist with USD benchmarks. Yuan settlement is growing for Russian, Iranian, and Saudi crude: a structural shift since 2022.
Trading with China counterparties
Standard payment: irrevocable letter of credit issued by a Chinese state bank, often with a 90-day usance. Counterparty due diligence should verify import-export license status, trade control filings, and Bureau of Industry compliance. Sanctions-screening for Iranian/Russian-origin materials is non-negotiable. Disputes typically resolve via CIETAC arbitration.
Trading in China.
- Major ports
- Shanghai
- Ningbo-Zhoushan
- Shenzhen
- Guangzhou
- Qingdao
- Tianjin
- Free trade zones
- Shanghai Free Trade Zone
- Shenzhen Special Economic Zone
- Hainan Free Trade Port
- Guangdong Free Trade Zone
- Key regulations
- China's commodity trade is regulated by the Ministry of Commerce (MOFCOM) and General Administration of Customs. Import quotas and tariffs apply to key commodities, and the government maintains strategic reserves for oil, grains, and metals.
Find the exporters and importers in China.
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Find your counterparties in China.
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