China steel exports drop in April

China steel exports drop in April

China exported 800'000 tons of billets in April, according to statistics from China's General Administration of Customs. The annulment of the billet export tax rebate on April 1 seems to have had a deep impact on billet exports. April's 800'000 tons represent a 45% decrease from the 1.46 million tons of billets exported in March. China's overall steel exports decreased 6% month on month. With April's figures, China's billet exports for the first third of the year totaled 3.67 million tons – still indicating a 676.4% increase year on year. Meanwhile, 7.26 million tons of steel exports in the same period almost triple 2004's numbers.