Chinese Finished Steel Exports Drop 13% during Jan-Aug’18

According to Mining News Pro - Nation’s finished steel export volumes stood at 5.875 MnT in Aug’18 largely stable on monthly basis in comparison to Jul’18.Last month nation’s finished steel exports volume stood at 5.886 MnT.

On yearly basis nation’s finished steel exports shrink by 7% in Aug’18 against 6.3 MnT in Aug’17.

Commencement of excess capacity cuts to curb pollution- Nation’s major steel-making hub, Tangshan city have started to restrict excess production capacity to curb smog. On September 5th,Tangshan government issued document on action for environmental protection implementation.The execution period is from September 6th to September 25th and self-inspection and rectification period is from September 26th to September 30th.

Domestic HRC price increases over recent production cuts -Domestic HRC prices in China in assessed around RMB 4,336/MT in Aug’18 up by 2% as compared to RMB 4,241/MT in the month of Jul’18.Chinese steelmakers raised HRC prices amid anticipation of supply shortage owing to recent production cuts in domestic market.

However on monthly average basis Chinese HRC export offers stood at USD 580/MT FoB China in Jul’18 fell slightly by 2% which was USD 590/MT FoB basis in Jun’18.Slow demand from overseas buyers resulted to decline in nation’s HRC export offers an thus kept export volumes stable.

Nation’s finished steel imports moved up in Aug’18 - As per customs data nation’s finished steel imports stood at 1.06 MnT in Aug’18, higher by 4% on monthly basis against 1.02 MnT in Jul’18.

Similarly on yearly basis,nation’s flat steel imports declined by 15% in Aug’18 against 1.25 MnT in Aug’17.