Posted on 11 Jun 2024
China's finished steel exports totalled 44.66 million tonnes over this year's January-May period, soaring by 24.7% from the first five months of last year, according to the latest statistics from the country's General Administration of Customs (GACC) published on June 7.
For May alone, China's steel exports rose by 4.4% on month and 15.2% on year to land at 9.63 million tonnes, the GACC data showed.
China's steel shipments abroad during May were mainly fulfilling orders signed about two months earlier, Mysteel Global notes.
Around March, Chinese steel products were maintaining their price advantage in international steel markets, a major reason for the climb in China's steel exports.
For example, on March 29, the export price of Chinese SS400 4.75mm hot-rolled coil from North China's Tianjin port was assessed by Mysteel at $505/t FOB, some $35/t lower compared with Japan-origin offers posted the same day, according to Mysteel's survey at the time.
Although March is usually a peak month for steel consumption in China, this year the weaker-than-expected recovery in domestic steel demand forced steel producers to chase for overseas business and actively table export offers.
In March in China, the daily trading volume of construction steel comprising rebar, wire rod and bar-in-coil among the 237 Chinese trading houses under Mysteel's regular tracking averaged just 121,795 tonnes/day, down 29.2% on year and far below the threshold of 200,000 t/d usual for a peak season month.
During this year's first five months, China also imported 3.04 million tonnes of steel products, down by 2.7% on year, according to the GACC's data.
Source:Mysteel Global
