According to Chinese customs data China’s finished steel exports registered an increase of 5% in Jan’17 to 7.4 MnT against previous month. The same was recorded at 7 MnT in Dec’16.
Also if Y-o-Y comparison is made, Chinese steel exports declined by whooping 23% in Jan’17 as compared to 9.74 MnT in Jan’16.
Notably, market participants reported that fall in steel exports to India is majorly driven by provisional anti dumping duty and MIP on flat products. Although MIP has been withdrawn recently and provisional anti dumping has been extended for two more months.
Moreover, exports prices have started to take a hike in the month of December in the backdrop of bullish sentiments prevailing in the China’s domestic market. Consequently this leads to drop in exports volume in the month of January.
On account of various trade restrictions on Chinese flat steel exports coupled with increased prices have made overseas buyers to adopt wait and watch approach for future bookings in the global market.
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