According to latest data released by Chinese customs, nation’s finished steel exports in Jul’19 stood at 5.57 MnT, increased by 5% in comparison to 5.306 MnT in Jun’19. Dull demand from downstream buyers and higher inventory levels in domestic market turned Chinese steelmakers to explore export options in Jul’19.
Meanwhile Vietnam continued to remain the major destination for HRC exports over competitive offers.
In addition to this easing production cuts in Tangshan regions resulted to surge in crude steel output which in turn leads to increased exports to global nations.
Whereas on yearly basis nation’s finished steel exports witnessed fall by 5% in Jul’19 as compared to 5.886 MnT in Jul’18.
During first seven months (Jan-Jul) CY’19 nation’s finished steel export volumes were recorded at 39.974 MnT, inched down by 3% as compared to 41.34 MnT in similar time frame of CY’18.
Chinese HRC export offers- As per data maintained with SteelMint, on an average basis Chinese HRC export offers stood around USD 500/MT FoB basis in Jun’19 which was USD 525/MT FoB basis in May’19. Thus competitive offers from China as compared to other exporting nations leads to surge in nation’s export volumes in Jul’19.
Chinese steel imports fell by 11% M-o-M in Jul’19- Nation’s finished steel imports accounted for 0.842 MnT in Jul’19; declined by 11% against 0.945 MnT in Jun’19.
On yearly premise nation’s imports plunged by 18% in Jul’19 as against 1.027 MnT in Jul’18.
Meanwhile, during first seven months (Jan-Jul) in CY’19 the imports tumbled by 10% and stood at 6.666 MnT against 7.39 MnT in similar period of previous year.
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