China increased exports of finished rolled products in January-May 2015

According to the latest data released by China Customs, exports of finished rolled products increased in the first five months of 2015. However, imports of finished steel into the country registered a decline during the above period, although China is seeking to raise infrastructure spending and cut interest rates to spur growth in the world's second largest economy to meet the nation's growth target of around 7 percent in 2015.

According to the data, the export of finished steel products from the country in May amounted to 9.20 million tons, which is 14 percent higher than the export in the same month a year earlier. Exports of finished products also increased compared to the previous month. The growth for the month was 7.7 percent. Outbound shipments of finished steel products from China were 8.54 million tons in April, up 10.9 percent month-on-month and 13.3 percent year on year.

Cumulative exports of finished products from the country in the five months from January to May amounted to 43.52 million tonnes, up 28.2 percent from exports during the corresponding five-month period in 2014, according to customs data.

Aggregate imports of finished steel products into the country during the five months from January to May this year amounted to 5.49 million tons, down 10.3 percent compared to imports of finished steel products during the corresponding five-month period last year.

China produced and exported a record amount of steel last year, with mills looking to find buyers for excess production amid weak domestic demand. The slowdown in economic growth in the country coincided with a global fall in iron ore prices, which hit a 10-year low in April.

Steel exports will remain strong due to price competitiveness and economic recovery in importing countries. Outbound shipments rose to a four-month high in May as increased external demand spurred factories to ship surplus overseas. The world's largest steel producer also sees an improvement in demand over the long term.