Writes through and adds graphics

By Amy Lv and Colleen Howe

BEIJING, Aug 7 (Reuters) - China's iron ore imports jumped 5.3% in July from a month earlier to a six-month high as miners rushed to meet quarterly shipment targets and improving margins for steelmakers boosted demand.

The world's largest iron ore consumer brought in 102.81 million metric tons of the key steelmaking ingredient last month, data from the General Administration of Customs showed. That represents a 10% gain from a year earlier.

Even so, the increase fell somewhat short of expectations for a rise of between 103 million and 110 million tons.

"Some miners ramped up shipments in June to meet quarterly targets, contributing to higher imports in July," said Jiang Mengtian, a Shanghai-based analyst at consultancy Horizon Insights.

Some steelmakers showed more interest in booking cargoes after margins widened somewhat in June thanks to lower raw material prices, added Cai Yongzheng, a Nanjing-based director of Jiangsu Fushi Data Research Institute.

But a 7% decline in iron ore prices SH-CCN-IRNOR62 in July after scorching heat and heavy rain hindered Chinese construction activity likely dampened interest on the part of some smaller suppliers, analysts said, adding that this accounts for imports coming in under forecasts.

For the year to date, China has imported about 714 million tons of iron ore, up 6.7% from the same period a year earlier.

Analysts view for the month ahead are mixed. Some see August volumes climbing from July, saying steelmakers will book more cargoes in anticipation of improved demand in September when the weather is more favourable for construction.

Others, however, expected August volumes to decline, noting the slower shipments from some suppliers last month.

STEEL TRADE

China's exports of steel products in July fell for a second straight month, dropping 10.5% to 7.83 million tons although they were up 7.1% from a year earlier, the customs data showed.

Exports in the first seven months of the year surged 21.8% to 61.23 million tons, an eight-year high for the period.

"Steel exports in the second half of the year will fall compared to volumes seen in the first half amid the investigation on the tax evasion in exports, growing trade protectionism and steel capacity outside China," said Jiang Zhenzhen, a Beijing-based analyst at consultancy CRU Group.

"Therefore, we believe the overall annual export volume will be at a similar level seen in 2023. However, upside risks remain if the domestic steel margin stays low as it would continue to motivate mills to export."

China imported 505,000 tons of steel products last month, down 12.2% from June and 25.7% year on year. January-July imports came in at 4.12 million tons, a 6.7% decline.

(Reporting by Amy Lv and Colleen Howe; Editing by Sonali Paul, Kim Coghill and Edwina Gibbs)

((Amy.Lv@thomsonreuters.com;))