SteelOrbis Shanghai
According to the data released by the Chinese customs authorities, China's finished steel export volume for August again recorded a historic high at 7.68 million mt, up 470,000 mt or 6.5 percent from the previous month and up 2.3 million mt or 42.8 percent year on year. During the January-August period, China exported a total of 41.84 million mt of finished steel, marking a drop of 7.2 percent year on year, while the total value in question reached US$41.9 billion, up 36.7 percent year on year.
In August, China imported 1.33 million mt of finished steel, down 110,000 mt or 7.6 percent over the previous month, and down 130,000 mt or 8.96 percent year on year. During the first eight months of 2008, China's finished steel import volume totaled 11.06 million mt, with a decrease of 490,000 mt or 4.2 percent year on year.
As a result, China's net exports of finished steel in August amounted to 6.35 million mt, up 580,000 mt or 10.1 percent over the previous month, and up 2.43 million mt or 62 percent year on year. During the January-August period, net exports of finished steel totaled 30.78 million mt, down 2.75 million mt or 8.2 percent year on year.
China's semis exports in August stood at 560,000 mt, up 220,000 mt or 64.7 percent year on year while up 330,000 mt or 143.5 percent over the previous month. Total semis exports in the January-August period reached 920,000 mt, down 4.69 million mt or 83.6 percent year on year. Semis imports in August stood at 10,000 mt, neutral both month on month and year on year. Total imports of the subject product in the January-August period reached 120,000 mt, down 50,000 mt or 29.4 percent year on year.
China's crude steel export volume in August reached 8.64 million mt, up 820,000 mt or 10.5 percent month on month and up 2.64 million mt or 44 percent year on year; meanwhile, net exports of crude steel in August came to 7.23 million mt, up 940,000 mt or 14.9 percent month on month and up 2.77 million mt or 62.1 percent year on year. Total exports in the January-August period reached 44.96 million mt, down 8.1 million mt or 15.3 percent year on year, while net exports in this period came to 33.2 million mt, down 7.53 million mt or 18.5 percent year on year.
In addition, China's coke exports in August reached 1.41 million mt, up 580,000 mt or 69.9 percent month on month and up 170,000 mt or 13.7 percent year on year. Total exports of the product in question in the January-August period reached 9.68 million mt, down 580,000 mt or 5.7 percent year on year. The export value for this period totaled US$4.36 billion, with an increase of $2.54 billion or 139.9 percent year on year.
Iron ore imports in August stood at 37.4 million mt, down 2.23 million mt or 5.6 percent over the previous month and up 8.11 million mt or 27.7 percent year on year. Total exports in the January-August period reached 306.97 million mt, up 22.6 percent year on year.
The significant soaring in China's finished steel exports in August can be attributed to the market rumors that the Chinese government would cancel the export rebate for steel products as of September 1. Under the influence of the rumored rebate cancellation, exporters accelerated their exports or sent their goods to a free trade zone before the deadline. However, due to the sharp slump in the international steel market, some overseas buyers cancelled their orders, and so some tonnages which have already arrived at the free trade zones will be redirected to the domestic market.