China: Steel imports decline, m-o-m, in May on muted domestic market

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China’s steel imports in May’22 fell 15.63% m-o-m to 0.81 mnt from 0.96 mnt in Apr, as per customs data.
Preference for domestic steel, a sudden surge in COVID-19 cases across large parts of the country and weak end-user demand affected imports.
Import volumes fell 18% to 4.98 mnt in Jan-May’22 as against 6.09 mnt in the same period of last year.

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