Steel exports from China fell by 34% in March

China shipped 4.95 million tons of finished steel overseas in March, down 34.4% from last year, although the year-on-year drop was due to a high base in March last year, according to the latest statistics from China's General Administration of Customs. published April 13th. In fact, last month's volume was up 36.6% from February, the data shows.

March deliveries were to fulfill orders signed in January, when factories were more open to accepting export orders early in the new year, market sources said. Whereas, at the end of last year, some large state-owned enterprises were instructed to limit steel exports in order to guarantee supplies to domestic consumers in the first place.

However, in January, the price competitiveness of Chinese exports compared to other competitors in the global steel market was low, and, in parallel, low demand for Chinese steel from buyers in Southeast Asia, hit by COVID-19, at the time affected both sales, as well as for sales. . According to Mysteel Global, Southeast Asia is the top export destination for Chinese origin steel.

Consequently, shipments last month were down a notable 34.4% from March last year, although admittedly volumes in March 2021 were the second-highest in five years, Mysteel Global notes.