Skip Navigation LinksMy Argus / News / News Story

Printer friendly

China's April steel exports hit seven-month high

08 May 2018 12:18 (+01:00 GMT)
China's April steel exports hit seven-month high

Singapore, 8 May (Argus) — China's steel exports hit a seven-month high in April as steel mills booked more export orders in March than in January and February.

April exports were 6.47mn t, higher by 14.51pc from 5.65mn t in March, touching their highest level since August 2017. Monthly steel exports have been rising since February. Last month's volumes were largely stable from 6.49mn t exported in April 2017.

January-April steel exports were down by 20pc from a year earlier at 21.62mn t.

The imposition of a 25pc import duty on Chinese steel exports to the US from 23 March does not seem to have affected volumes so far. The US had alleged transshipment of Chinese steel exports from other countries as one of the key reasons for introducing the import tariff.

The Argus assessed price of hot-rolled coil (HRC) fob Tianjin fell by 3.02pc in April to $583.20/t on 27 April as Chinese suppliers lowered offer prices to attract more sales. But a robust domestic market in China will cap export prices in the short term. The Argus rebar export price fob Zhangjiang rose by 1.19pc to $525.70/t on 27 April.

China's exports could slow this month as domestic demand has increased, with construction activity picking up ahead of the rainy season starting in June. Indian and Brazilian origin material has become competitive in the key HRC import market of Vietnam compared with Chinese offers over the past few days. China was largely unobstructed in the Vietnamese market over the past few months as other destinations were priced out of the market.