China’s Finished Steel Exports Drop 8% in Q3 CY'19
As per the data recently released by Chinese Customs, the nation's finished steel exports witnessed a decline of 8% to 15.9 MnT in Q3 CY'19 which was 17.37 MnT in the previous quarter.
Competitive offers for imported HRC to Vietnam from other major exporting nations like India and Russia lowered Chinese HRC exports in this quarter. Currently, Indian and Russian mills are offering imported HRC to Vietnam at USD 430/MT CFR Vietnam. However, China is offering slightly on a higher side which is around USD 440/MT CFR Vietnam.
In addition to this USA-China trade war and volatile Chinese steel prices over frequently announced production cuts can be attributed to a decline in the nation’s exports this quarter.
China’s HRC export offers in Q3 vs Q2 CY'19- As per the data maintained with SteelMint, on an average basis nation’s HRC exports stood at USD 488/MT FoB China in Q3 CY'19 fell by 6% as compared to USD 518/MT in Q2 CY'19.
However, on a monthly basis, the nation’s finished steel exports increased by 6% to 5.330 MnT in Sep'19 in comparison with 5.006 MnT in the preceding month amid restocking activities before Golden week holidays.
During the first nine months (Jan-Sep) CY'19, China's finished steel exports volume stood fell by 5% to 50.31 MnT as compared to 53.165 MnT in similar time frame of CY'18.
Chinese finished steel imports remain stable in Q3CY19- Nation's finished steel imports remain stable on a quarterly basis at 2.92 MnT since the last two quarters.
However, on a monthly basis, the same surged by 14% and stood at 1.113 MnT in Sep'19, which was 0.974 MnT in the previous month.
During the first nine months (Jan-Sep) CY'19, the nation's import volume stood at 8.753 MnT tumbled by 9% over 9.654 MnT in the same period of CY'18.
source: SteelMint
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