Chinese Steel Exports Slumped by One-Fifth

SEATTLE (Scrap Monster): The latest trade statistics published by the General Administration of China Customs denotes significant decline in steel exports by the country during the month of July this year.

As per Customs data, the country exported 5.57 million tonnes (Mt) of steel products in July ’19, down significantly by 19.7% when matched with the previous year. The Chinese steel products exports had totaled 6.94 Mt in July last year. This is the third straight month that the country’s exports have dropped below the 6 Mt mark. The cumulative exports during the initial seven months of the current year totaled 41.183 Mt, marginally down by 2.9% over the similar period last year.

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The drop in export volumes is mainly attributed to higher domestic steel price in comparison with export price and solid domestic demand for steel products.

A corresponding decline was recorded in Chinese steel imports as well. The July ’19 imports were down by 19% year-on-year to total 842,000 tonnes. The Jan-July ’19 imports too recorded decline by 13.4% from the previous year to total 6.664 Mt.