World’s largest steel exporter – China has registered significant decline of 23% M-o-M in its steel exports last month. China’s steel exports stood at 5.75 MnT in Feb’17 against 7.42 MnT in Jan’17.
On yearly basis, China’s steel exports have dropped by 29% as country exported 8.11 MnT steel in Feb’16.
In first two months of 2017, China steel exports summed up to 13.17 MnT compared to 17.85 MnT in the same period last year.
According to Chinese customs data, Chinese steel exports in Feb’17 have plunged to 3 years low since Feb’14.
Higher domestic steel prices in China attracted steel makers more than exports – Reason behind fall in export volumes was inclination of major steel makers towards fulfilling rising domestic demand. Also higher domestic prices was another factor that attracted Chinese steel makers towards domestic markets than going for exports.
Domestic HRC prices in eastern China was at RMB 3,750/MT (ex-works) in beginning of Feb’17 and climbed to RMB 3,820-3,830/MT (ex-works) towards the month end.
China’s steel imports up 17% Y-o-Y – China imported 1.09 MnT steel in Feb’17 against 0.93 MnT in Feb’16. Thus figures have gone up by 17% Y-o-Y. However on monthly premises (i.e. compared to Jan’17) steel imports have remained stable.
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