In March, China’s finished steel exports amounted to 9.888 million mt, up 37.9% month on month, according to the latest data released by China’s General Administration of Customs (GACC).

The finished steel exports in March hit the highest level since July 2016, when they had totaled 10.3 million mt.

The strong exports caused market players be more confident as regards the prospects for finished steel prices in the local market in April.

In the January-March period this year, China’s finished steel exports rose by 30.7% year on year to 25.8 million mt.

So, for now, steel exports have increased at a higher pace than expected, signaling slow domestic consumption and rising inventories.

China’s finished steel imports totaled 617,000 mt in March, up 16.4% month on month.

But in the first three months of the current year, China imported 1.748 million mt of finished steel, declining by 8.6% year on year.