China's semi-finished steel exports fell 3.1% month-on-month to 278,000 tons in June, falling for the first time in three months, the country's customs data on July 21 showed.
While June volume was still well above the 1,618 tons exported a year earlier, sluggish overseas demand led to a sharp drop in orders, which could lead to a potentially sharp decline in exports in the coming months, market participants told S&P Global Commodity Insights.
Including finished steel, total steel exports from China reached 7.835 million tons in June, down 2.6% year-on-year, according to the Customs Service.
China's total steel exports fell 8.7% year on year to 34.145 million tons in January-June.
However, total steel exports in June were still the second highest since at least May 2021.
Steel exports from China rose year-on-year in May and June, mainly due to a large number of orders in March after the Russian-Ukrainian conflict disrupted global steel markets.
But since June, market dynamics have shifted, putting pressure on Chinese steel exports.
Steel exports are expected to continue declining until the end of 2022, as efforts to contain inflation led to a reduction in steel demand abroad.
Steel trade in China to decline in coming months
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Azovpromstal® 22 July 2022 г. 13:33 |
