China’s finished steel exports sharply down 1.67 million mt in November

Thursday, 11 December 2008 11:06:55 (GMT+3)   |  
       

SteelOrbis Shanghai

The sluggish demand in global market can be fully reflected in terms of China's November exports. Moreover, on November 13, the State Council announced to cancel the export duties on hot rolled coils, medium plate and other steel products, effective as of December 1, 2008, which made some exporters to put off their customs declaration till December 1 so as to lower the export costs.

According to the data released by the Chinese customs authorities, China's finished steel export volume for November reached 2.95 million mt, down 1.67 million mt or 36.1 percent from the previous month and down 1.15 million mt or 28 percent year on year. During the January-November period, China exported a total of 56.06 million mt of finished steel, a drop of 1.85 million mt or 3.2 percent year on year, while the total value in question reached $59.5 billion, up 47.4 percent year on year.

In November, China imported 1.03 million mt of finished steel, down 120,000 mt or 10.4 percent over the previous month, and down 320,000 mt or 23.7 percent year on year. During the first eleven months of 2008, China's finished steel import volume totaled 14.5 million mt, with a decrease of 1.04 million mt or 6.7 percent year on year.

As a result, China's net exports of finished steel in November amounted to 1.92 million mt, down 1.55 million mt or 44.7 percent over the previous month, and down 830,000 mt or 30.2 percent year on year. During the January-November period, net exports of finished steel totaled 41.56 million mt, down 760,000 mt or 1.8 percent year on year.

China's semis exports in November stood at 30,000 mt, down 80,000 mt or 72.7 percent over the previous month while down 140,000 mt or 82.4 percent year on year. Total semis exports in the January-November period reached 1.27 million mt, down 5.03 million mt or 79.8 percent year on year. Semis imports in November stood at 10,000 mt, neutral year on year and down 10,000 mt or 50 percent month on month. Total imports of the subject product in the January-November period reached 160,000 mt, down 60,000 mt or 27.3 percent year on year.

China's crude steel export volume in November reached 3.14 million mt, down 1.83 million mt or 36.9 percent month on month and down 1.35 million mt or 30.1 percent year on year; meanwhile, net exports of crude steel in November came to 2.04 million mt, down 1.7 million mt or 45.4 percent month on month and down 860,000 mt or 29.7 percent year on year. Total crude steel exports in the January-November period reached 60.28 million mt, down 6.74 million mt or 10.1 percent year on year, while net exports in this period came to 44.86 million mt, down 5.77 million mt or 11.4 percent year on year.

In addition, China's coke exports in November reached 320,000 mt, down 210,000 mt or 39.6 percent month on month and down 850,000 mt or 72.6 percent year on year. Total exports of the product in question in the January-November period reached 11.9 million mt, down 2.43 million mt or 17 percent year on year. The export value for this period totaled $5.71 billion, with an increase of $2.95 billion or 106.9 percent year on year.

Iron ore imports in November stood at 32.52 million mt, up 1.9 million mt or 6.2 percent over the previous month and down 2.94 million mt or 8.3 percent year on year. Total exports in the January-November period reached 409.13 million mt, up 60.1 million mt or 17.3 percent year on year, while the total value in question came to $57.3 billion, with the average import price at $140.28/mt.

The November export data generally meets the market expectation. The only exception is the rebound in iron ore imports, which is mainly resulted from the large amount of imported ore purchases made by Chinese mills and traders as a result of the sharp drop in trade ore prices and shipping freight costs.


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