Chinese Finished Steel Exports Drop 8% in Jan-Nov’18
As per market sources,Chinese finished steel exports in first eleven months of CY18 (Jan-Nov) stood at 63.91 MnT fell by 8% against 69.74 MnT in same time frame of previous year
Thus constant measures to curb excess capacity cuts and to control pollution in turn leads to fall in export volumes from China.
However on monthly basis nation’s finished steel export volume slashes by 5% on monthly basis to 5.25 MnT in Nov’18 as compare to Oct’18.In Oct’18 nation’s steel exports stood at 5.5 MnT.
Meanwhile Chinese finished steel export volumes have hit 9-month low as in Feb'18 export volumes were at 4.85 MnT.
Chinese HRC export offer tumbles in Nov'18- Nation’s HRC export offers decline sharply by 7% on monthly basis in Nov’18 compared to previous month.As in beginning of Oct’18 export offers stood around USD 565/MT Fob China which move down and reached to USD 530/MT in starting of November’18 amid lackluster demand and dull trading in export market.
Meanwhile domestic HRC prices also witness downtrend on monthly basis as buyers were holding their purchases over volatility in futures.
However on yearly basis the same inch down by 2% in Nov’18 as compare to 5.35 MnT in Nov’17.
China US trade war likely to resolve which in turn increase nation’s export volumes- As per reports, The United States and China reached a 90-day ceasefire in a trade dispute. The breakthrough came after a dinner meeting Saturday between President Donald Trump and Chinese leader Xi Jinping at the Group of 20 summit in Buenos Aires. Trump has imposed import taxes on USD 250 billion in Chinese products - 25% on USD 50 billion worth and 10% on the other USD 200 billion. Trump had planned to raise the tariffs on the USD 200 billion to 25% if he couldn't get a deal with Xi.
source: SteelMint
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