China – world’s largest steel exporter has witnessed the drastic decline of 32%,Y-o-Y basis in its steel exports to 6.96 MnT in Jul’17 as compared to Jul’16. Nation’s finished steel exports stood at 10.3 MnT in Jul’16.
Bullish Domestic Market lead to fall in export volumes -Domestic HRC prices in China have increased and are currently assessed at RMB 4,100-4,070/MT (ex-works, including VAT).Prices are currently hovering at 4 years and 8 months high.Strong domestic demand supports the higher domestic prices and resist Chinese mills to export HRC to overseas buyers.
However on monthly basis, China’s steel exports have witnessed marginal rise of 2.2% in Jul’17 in contrast to 6.81 MnT in Jun’17.
During seven months (Jan-Jul) of CY17 China’s steel exports shrink drastically by 29% and stood at 47.97 MnT, against 67.56 MnT in the similar time-frame of previous year.
Chinese steel imports down 13% M-o-M in Jul’17-Chinese steel imports witnessed downfall of 13%M-o-M basis to 0.98 MnT in Jul’17 in contrast to 1.12 MnT in Jun’17. On yearly basis nation’s flat steel imports declined by 13.2% compared to 1.13 MnT in last year.
In first seven months of 2017 nation’s steel imports recorded the growth of 3% in Jan-Jul’17 to 7.78 MnT against similar 7.56 MnT in similar time span of previous year.
Leave a Reply