Double-digit decrease in China's steel export and import in July

SteelOrbis Shanghai China's General Administration of Customs indicated that China's steel exports in July totaled 3.58 million metric tons, up 133.8 percent over the same period of last year, but down 19.1 percent compared with June, while imports totaled 1.53 million metric tons, down 28.1 percent year on year and down 8.3 percent month on month. So, China's net steel exports decreased 25.7 percent month on month to 2.05 million metric tons in July. From January to July, the cumulative steel exports reached 20.67 million metric tons, up 57.7 percent year on year, and the cumulative steel imports totaled 10.94 million metric tons, down 28.7 percent, resulting in 9.73 million metric tons cumulative net exports. The exports of semi finished steel saw a sharp decline in July, compared with June. Despite the 29.6 percent year on year increase, semis exports decreased %20.1 percent month on month to 830,000 metric tons. Meanwhile, the imports totaled 30,000 metric tons, down 65.5 percent year on year and equal to that of June. Net exports of semi finished steel in July reached 800,000 metric tons. From January to July, cumulative semi finished steel exports totaled 3.93 million metric tons, down 28 percent year on year, and the cumulative imports reached 240,000 metric tons, down 73.1 percent, resulting in 3.69 million metric tons of net semis exports. The total exports of semi finished steel and finished steel amounted to 2.85 million mt in July, equal to 2.98 million metric tons crude steel. With July figures, the cumulative net exports of semis and steel in the first seven months totaled 13.42 million metric tons, equal to 14.04 million metric tons crude steel. All in all, Chinese steel exports and imports still maintaining high growth in exports and rapid decline in imports. Since the late June, Chinese steel prices have seen a sharp decrease, providing a good opportunity for exports. Favorable exports are expected to continue in the latter half of the year, too.