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China’s steel exports surge by 74.5% in June

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China’s steel exports surge by 74.5% in June




In June this year, China exported 6.458 million mt of finished steel, up 74.5 % year on year, while rising by 22.5 % month on month, as announced by the Chinese customs authorities on July 13.



After weak sales in the March-April period amid the tax rebate policy uncertainty, Chinese sellers became more active in the market, even though the tax rebate on most export products had been canceled.



In the January-June period this year, China’s exports of finished steel reached 37.382 million mt, increasing by 30.2 % year on year, with the growth 6.5 % points faster than that recorded in the first five months this year.



Exports of steel from China in the second half of the year will depend on anticipated steel production cuts, which may support prices in the local market and prevent mills from concluding aggressive sales abroad.



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