China’s latest customs data show broad-based strength in commodity demand in July, led by a record 11.67 million metric tons of soybean imports for the month. The surge underlines continued appetite from the livestock and food-processing sectors despite sluggish domestic growth. Energy purchases remained elevated. Crude oil arrivals reached 47.204 million tons, while natural gas imports stood at 10.632 million tons. Refined oil product imports were 4.031 million tons, even as outbound shipments of fuels climbed to 5.341 million tons, suggesting refiners are taking advantage of strong regional margins. In raw materials, iron ore inflows totaled 104.623 million tons, supporting ongoing steel production. Imports of unwrought copper and related products were 480,000 tons, and copper ore and concentrate volumes hit 2.56 million tons, reflecting stable demand from the power and manufacturing industries. On the export side, China shipped 9.836 million tons of finished steel products, indicating that mills continued to lean on overseas markets amid a tepid domestic construction outlook.