Chinese Finished Steel Exports Fall Sharply by 27% Y-o-Y in Jan-Feb’20
According to the latest customs data released, the nation’s finished steel exports reported declined by 27% in the first two months of CY20 to 7.8 MnT as compared to 10.698 MnT in Jan- Feb’19.
Nation’s finished steel exports decline due to-
-- Lunar New year holidays- In the month of Jan’20 Chinese steelmakers witnessed week-long Lunar New Year holidays which impacted trade activities and lower export volumes to overseas nations.
-- Coronavirus outbreak- Chinese steel mills extended their lunar new year holidays owing to Coronavirus outbreak. This hampered transportation and logistics sectors which delayed the resumption of Chinese steelmakers to market.
-- Strict government measures to curb the virus- Preventive measures taken by the Chinese government to stop the spread of virus resulted in winding up of factories, construction activities which resulted to slump in demand and limited trades in the overseas market.
Nation's HRC export offers in Jan- Feb '20- As per the data maintained by SteelMint, the nation’s HRC export offers stood at USD 499/MT FoB China in Jan’20 and USD 488/MT FoB basis in Feb '20. Export offers fell sharply on tumbling futures and weakening sentiments in the domestic market.
source: SteelMint
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