In the January-March period this year, China exported 14.286 million mt of finished steel, down 16 percent year on year, as announced by the Chinese customs authorities on April 14, while the year-on-year decline rate slowed down by 11 percentage points compared to that recorded in the January-February period of the year.
In March alone, China exported 6.476 million mt of finished steel, up 2.4 percent year on year, as earlier this year Chinese steel mills have faced lower domestic demand due to the pandemic and decided to sell more in the export market. Nevertheless, the rebounding trend is unlikely to continue in the future as the coronavirus pandemic worldwide has negatively impacted demand in overseas markets and competition has increased.
China imported 3.178 million mt of finished steel in the January-March period this year, increasing by 9.7 percent year on year, 7.6 percentage points faster than the increase rate recorded in the first two months of the year.
In March alone, China imported 1.137 million mt of finished steel. Imports of finished steel will likely continue due to the strong competition among overseas sellers.