The latest statistics released by China's General Administration of Customs indicate a marked decline in steel exports in June this year. Monthly exports hit their lowest level in eight years. On the other hand, steel imports reached a 10-year high during the month.
Monthly exports totaled 3.7 million tonnes, down nearly 16% from the previous month and more than 30% from the same month last year. Lower demand for steel in the rest of the world due to the Covid-19 pandemic is cited as the reason for the significant decline in exports. The country's total exports for the initial six-month period of the year amounted to 34.4 million tons, which is 16.5% less compared to January-June 19.
Export tonnages are expected to remain weak in July and August. The customs provides for the export of export goods only in September.
Steel imports exceeded 1.9 million tons in June this year. Imports grew by about 47% over the previous month and nearly 100% over the previous year. H1 steel imports totaled 5.8 million tonnes, up almost 26% from January to June in 2019. The recovery in domestic steel demand following the coronavirus crisis has boosted imports.
China's steel exports hit 8-year low in June
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Azovpromstal® 15 July 2020 г. 12:01 |
