Steel Exports By China Fell to 8-Year Lows in June

SEATTLE (Scrap Monster): The latest statistics published by the Chinese General Administration of Customs indicate notable decline in steel exports during the month of June this year. The monthly exports hit the lowest level in eight years. On the other hand, the steel imports during the month touched a 10-year high.

The monthly exports totalled 3.7 million tonnes, recording decline by nearly 16% over the previous month and by over 30% from the same month a year before. The reduced demand for steel in the rest of world on account of Covid-19 pandemic is being cited as the reason for the significant fall in export volume. The cumulative exports by the country during the initial six-month period of the year were 34.4 million tonnes, down by 16.5% when compared with Jan-June ’19.

ALSO READ:

Robust Indian Steel Export Volumes Unlikely to Sustain: ICRA

ASEAN Steel Consumption to Witness Modest Decline in 2020

The export tonnages are expected to remain subdued in July and August as well. The Customs foresees pickup in export shipments only in September.

The steel imports topped 1.9 million tonnes in June this year. The imports surged higher by approximately 47% from the previous month and by almost 100% from the previous year. The H1 steel imports totalled 5.8 million tonnes, up by nearly 26% from January to June in 2019. The recovery in domestic steel demand after coronavirus crisis led to increased imports.