Chinese Finished Steel Exports Down by 10% in Oct'19
Chinese finished steel exports fell by 10% to 4.782 MnT in Oct'19 as compared with 5.33 MnT in Sep' 19, recent custom data shows. Price competitiveness from Indian & Russian mills kept interest for Chinese steel products low.
China, being the major exporter to Vietnam, witness a decline on the back of competitive offers from India and Russia. Buyers in Vietnam were highly attracted to HRC export offers from India and Russia over low prices, which in turn squeezed China’s export volumes in Oct '19.
Meanwhile, Chinese steel mills were unable to lower their HRC export offers owing to extended strict production curbs during the month.
Along with this, the intensifying trade dispute between China and the USA continued to hamper market sentiments in China.
Nation's HRC export offer declines in Oct'19- As per data maintained with SteelMint, the nation's HRC export offers on an average basis stood around USD 444/MT FoB China in Oct'19 which was USD 465/MT FoB basis in Sep'19.
However, on a yearly premise, the same declined by 13% in Oct'19 as compared to 5.5 MnT in Oct'18.
During the first ten months (Jan-Oct) CY'19, the nation's exports accounted for 55.08 MnT down by 6% in contrast with 58.48 MnT in Jan-Oct CY'18.
China steel imports decline 8% M-o-M in Oct'19- The nation's steel imports plunged by 8% to 1.025 MnT in Oct'19 as against 1.113 MnT in the preceding month.
However, on a yearly premise, the same declined by 10% in Oct'19 as compared with 1.14 MnT in the corresponding month of CY'18.
During the first ten months of CY'19, the nation's steel import volume stood at 9.77 MnT, witnessing a decline of 9%% over 10.79 MnT in Jan-Oct CY'18.
source: SteelMint
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