Chinese Finished Steel Exports Plunge 8% in CY18
According to Chinese customs nation’s finished steel exports plunged by 8% Y-o-Y to 69.47 MnT in CY18 as compared to 75.41 MnT in CY17.
Chinese mills raised export offers following gains in domestic market during Jan-Sept’18. Competitive offers from CIS nations shifted buying interest away from China which lead to fall in export volumes of steel from China in CY18. However prices dropped significantly from the month of October over weakening market sentiments in domestic market.
Also strict production cuts to curb excess production capacities and to control pollution had shifted the focus of Chinese steel mills in domestic market over exports.Also other factors like USA China trade war which started in the month of March followed by currency depreciation has resulted to lower volumes of steel from China.
Chinese HRC exports offers in CY18 vs CY17 - As per the data maintained with SteelMint nation’s HRC export offers on an average basis stood around USD 550/MT FoB China which was USD 502/MT FoB basis in CY17.
Nation increased steel exports by 6% M-o-M in Dec’18 - On monthly basis, China’s steel exports increases by 6% to 5.556 MnT in Dec’18 in contrast to 5.25 MnT in Nov’18.Thus export volumes increased after falling from two consecutive months over increased booking amid significant fall in Chinese steel prices. On yearly basis also nation’s finished flat export volumes inch down by 2% to 5.5 MnT in Dec’18 as compared to 5.67 MnT in Dec’17.
Chinese steel imports in CY18 vs CY17- Nation’s steel imports stood at 12.86 MnT in CY18 fell by 4% as compared to 13.36 MnT in CY17.However the same on yearly basis remained stable in Dec’18 against Dec’17.
Meanwhile on monthly basis nation’s steel imports stood at 1.006 MnT in Dec’18 lower by 5% against 1.06 MnT in Nov’18.
source: SteelMint
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