Chinese Finished Steel Exports Hit Nine Months Low in Nov’19

According to the latest customs data released, the nation’s finished steel exports fell by 4% to 4.58 MnT in Nov’19 as compared to 4.782 MnT in Oct’ 19. Nation’s finished steel exports hit nine months low in Nov’19 as lowest was seen at 4.51 MnT in Feb’19.

Competitive pricing from other major exporting nations to Vietnam resulted to fall in the nation’s export volumes in Nov ’19.

Meanwhile, restricted supply over announced production cuts shifted the nation’s attention to the domestic market over improved margins.

Also, traders have started restocking activities ahead of New Year holidays which pushed the nation’s steel mills to squeeze exports and increase sales in the domestic market.

Thus, these reasons can be attributed to the fall in China’s finished steel exports in Nov’19.

Meanwhile, on a yearly premise, the same tumbled by 13% in Nov’19 in comparison with 5.25 MnT in the corresponding month of CY’18.

During the first eleven months of (Jan-Nov) CY’19, the aggregated volumes of steel exports stood at 59.66 MnT, down by 6% as compared to 63.78 MnT in a similar time frame of CY’18.

Nation’s HRC export offer in Nov’19- As per the data maintained by SteelMint, the nation’s HRC export offers stood at USD 443/MT in Nov’19 FoB China, which was USD 444/MT FoB basis in Oct’19.

Chinese finished steel imports in Nov ’19- The Chinese finished steel imports inched up by 2% to 1.042 MnT in Nov’19, which was 1.025 MnT a month earlier.

However, the same inched down by 2% on a yearly premise in Nov’19 over 1.06 MnT in Nov’18.

During the first eleven months of (Jan-Nov) CY’19, the aggregated volumes of steel imports account for 10.821 MnT, declined by 11% as compared to 12.161 MnT in a similar time frame of CY’18.