According to the latest customs data released by Chinese government, country’s total steel exports in Jul’16 have moved down by 6% M-o-M basis and the same is recorded at 10.30 MnT during the month against 10.94 MnT in Jun’16.
During Mar-Apr’16, there was sudden plunge in country’s domestic steel prices amid bullish sentiments resulting which export prices also increased significantly.
With the anticipation of further price rise, overseas buyers booked substantial quantity of export shipments from China for June deliveries.
However, later in the month of May, country’s export prices started retreating once again and outlook for prices became uncertain, thus, forcing buyers to adopt wait and watch approach. The effect of the same could be witnessed in the form of reduced export orders for July shipments.
If Y-o-Y comparison is done, country’s steel exports in Jul16 is up by 5.64% against corresponding month of previous year as the same stood at 9.75 MnT in Jul’15.
In first seven months of the year 2016 (Jan – July), China exported 67.56 Mnt of steel which is up by 8% from corresponding period of previous year.
As per country’s Customs data, country imported 7.59 MnT of finished steel in first six months of 2016, which is 1.4% down against corresponding period of previous year 2015.
Leave a Reply