Thursday 07 November 2024 - 17:59

Date: 09 September 2019 , 15:27

News ID: 6438

NEWS SERVICE: ECONOMY and TRADE

China: Limited Trades Lower Finished Steel Export Volumes in Aug’19

As per the latest data released by Chinese customs, the nation’s finished steel exports stood at 5.006 MnT in Aug’19, lower by 10% in comparison to 5.57 MnT in Jul’19.

Bearish market sentiments owing to volatile futures in the domestic market along with thin trades kept the nation’s export volumes on the lower side. Also, the depreciation of RMB against USD remained a factor of consideration.

In addition to this USA’s announcement of a further 10% trade tariffs on USD 300 billion of Chinese imports also resulted in pessimistic sentiments in the nation’s export market.

Meanwhile, Chinese steelmakers majorly export HRC to Vietnam. However, end-users in Vietnam are procuring material from India over cheaper offers as compared to China.

Chinese HRC export offers fall on M-o-M basis- As per data maintained with SteelMint, the nation’s HRC export offers on an average basis stood around USD 495/MT FoB basis in Aug’19 which was USD 510/MT FoB basis in Jul’19.

Thus, these reasons can be attributed to lower HRC export volumes from China in Aug’19.

Whereas, on a yearly basis nation's finished steel export volumes tumbled by 15% in Aug’19 as compared to 5.875 MnT in Aug’18.

During the first eight months (Jan-Aug) CY'19 nation's finished steel export volumes were recorded at 44.98 MnT, witnessed marginal fall by 5% as compared to 47.215 MnT in the similar time frame of CY'18.

Chinese steel imports rise by 16% M-o-M in Aug’19- Nation’s finished steel imports stood at 0.974 MnT in Aug’19; up by 16% against 0.842 MnT in Jul’19.

On yearly premise nation’s imports fell by 8% in Aug’19 as against 1.06 MnT in Aug’18.

Meanwhile, during the first eight months (Jan-Aug) in CY’19, the imports reduced by 10% and stood at 7.64 MnT against 8.45 MnT in the similar period of the previous year.