In the January-July period this year, China’s finished steel exports amounted to 67.983 million mt, up 11.4 percent year on year, according to the latest data released by China's General Administration of Customs (GACC).
In July, China’s finished steel exports totaled 9.836 million mt, up 1.6 percent month on month, while up 25.7 percent year on year. This volume is assessed as being on the higher side after some month-on-month slowdown seen in June. Even the duties announced for Chinese flat steel products in Vietnam and South Korea earlier this year have failed to reduce the total volume of Chinese steel exports. “First of all, Chinese sellers keep selling to these destinations [Vietnam and South Korea, as they are exporting other sizes and specifications, not included in AD investigations]. And mills are also increasing the share in the Middle East, to offset any loses in Asia,” a Chinese trader said. In addition, apart from the strong finished steel exports, Chinese sellers are expanding their semis sales.
According to market sources, steel exports from China will remain strong and will slow down from the second half of September mainly amid the expected local demand rebound and lower production. However, this year, most market sources believe China will repeat or even exceed last year’s volume of 110 million mt of finished steel exports.
In July, China’s finished steel imports totaled 452,000 mt, down 3.8 percent month on month, while down 10.5 percent year on year. In the first seven months this year, China’s finished steel imports amounted to 3.476 million mt, down 15.7 percent year on year.