Posted on 10 May 2023
China's finished steel exports totalled 28.01 million tonnes over January-April, leaping by 55% on year, according to the latest statistics from the country's General Administration of Customs (GACC) on May 9.
Steel exports over the four months enjoyed a significant on-year increase largely thanks to the low base in 2022 when the country – still struggling with COVID controls and logistics challenges – exported just 18.15 million tonnes of finished steel, a relatively low record over the recent five years, Mysteel Global learned.
Steel exports in April made an important contribution to this year's growth, a Beijing-based market watcher noted. During last month alone, China's steel exports totalled 7.93 million tonnes, higher by a slight 0.5% on month while jumping by 59.4% on year, the Customs data showed.
China's steel shipments abroad during April were mainly fulfilling orders signed about two months earlier, and back then, the severe earthquake in Turkey in early February put some pressure on overseas steel supply and created market openings for China-origin steel, said the analyst in Beijing.
At the same time, the production pace of many overseas steelmakers was relatively slow due to feeble steel demand over February-March. Both facts gave opportunities for China's steel mills to export their products, he added.
Overall, the past few months have seen Chinese steelmakers actively table export offers and reach many deals, thanks to their products' price advantages, a Shanghai-based analyst commented, which also led steel export volumes to rise.
Meanwhile, the GACC's statistics show that China imported 2.5 million tonnes of steel products during January-April, plunging by 40.1% on year.
Source:Mysteel Global
