China’s Steel Export
According to preliminary Chinese customs data China’s finished steel exports fell 14.63% Y-o-Y in Oct’16 as higher prices deterred overseas buyers. The country shipped 7.70 MnT of finished steel abroad in Oct’16, showing a M-o-M decrease of 12.50%. This shows a sharp drop in exports in Sept’16, which plunged 21.8% Y-o-Y and 2.3% M-o-M.
In first ten months of 2016 from Jan’16 to Oct’16, China’s steel export stands at 93.07 MnT, up by 0.8% against 92.30 MnT in first ten months of 2015.
The reasons for the drop in exports was that the price levels was still much higher than the same period last year and also the anti dumping measures from USA and Europe brought the export volume down.
China’s Steel Import
China is a net exporter of steel and its finished steel import stands to be much lower in comparison to its export. The steel imports in Oct’16 were 1.08 MnT as against Sep’16 1.13 MnT and it was up 0.13 MnT or 13.7% Y-o-Y.
The imports totaled 10.88 MnT, up 0.15 MnT or 1.4%.
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