China goes on unexpected commodities binge even as concerns linger

China went on an unexpectedly big buying spree for crude oil, coal and iron ore last month, customs data showed on Thursday, even as Beijing cools its overheated property market and concerns linger about the health of the world’s No. 2 economy.

Daily crude imports hit an all-time high as the nation again overtook the United States as the world’s top oil consumer, while iron ore imports were the second highest on record, propelling Shanghai rebar steel futures to five-week highs.

Coal and soybean purchases were just below August’s total, but were better than analysts had expected.

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