STEEL NEWS

Steel China Exports Jump 22.5% MoM In June

According to Reuters, data from the PRC General Administration of Customs showed that China's steel product exports jumped 22.5% from a month earlier to 6.46 million tonnes in June, while imports rose 2.5% to 1.25 million. tons.

Exports in January-June increased by 30.2% compared to the previous year to 37.38 million tons.

Most of the steel exports in June were spot orders received in April and early May, when Beijing canceled the 13% value-added tax export rebate effective May 1. Chinese mills began adding tax spending to export proposals in March and April, although steel prices in China remained competitive enough against other major countries of origin to support strong export trade.

“Steel exports this year are likely to exceed 60 million tonnes as prices in China have been competitive with other countries and the mills' export orders have been satisfactory,” said an exporter from northern China.

Steel imports to China in June fell 33.5% yoy to 1.25 million tonnes, but rose 3.2% yoy. In January-June, China imported 7.35 million tons of steel, which is 0.1% more than a year earlier.