Exports of Chinese steel in November decreased by 4%

Meanwhile, China's steel imports fell more than 7% month-on-month to 1.057 million tonnes in November 18.

The latest trade data released by China's General Administration of Customs indicate a marked decline in the country's steel exports in the month of November this year. Exports amounted to 5.298 million tons, which is 3.8% less than in the previous month. Compared to the same period last year, exports in November 18 increased slightly by 2.8%. According to customs officials, monthly exports remained below 6 million tonnes for the eighth straight month.

Cumulative exports during the first eleven months of 2018 amounted to 63.778 million tonnes, down 8.6% from the corresponding period in 2017. Taking into account similar export levels in December, annual exports are likely to be around 69 million tonnes in 2018. Exports will fall short of 70 million tons for the first time in five years.

The country reported record steel production of 82.55 million tonnes in October 2018. The increase in production, coupled with a decline in steel exports, has led to an increase in inventories at domestic steel mills. However, the projected decline in domestic steel demand could boost exports in the coming months, market participants noted.

Meanwhile, China's steel imports fell more than 7% month-on-month to 1.057 million tonnes in November 2018. Aggregate imports for January-November 2018 remained more or less unchanged at 12.16 million tons.