In May this year, China’s finished steel exports amounted to 9.631 million mt, up 4.4 percent month on month and 15.3 percent on yearly comparison, according to the latest data released by China's General Administration of Customs (GACC). Demand in the local market in China was weaker than expected in traditionally strong May ahead of offseason, so exports of steel after some short-lived reduction in April increased again in May.
In the January-May period this year, China’s finished steel exports rose by 24.7 percent year on year to 44.655 million mt. The pace of increase is a bit slower than over the first four months of the year – 27 percent, but still signals about insufficient domestic consumption, even though steel production lost 10.6 million mt in January-April.
China’s finished steel imports totaled 637,000 mt in May, down 3.2 percent month on month. In the first five months of the current year, China imported 3.043 million mt of finished steel, declining by 2.7 percent year on year.
