China’s May steel exports up 6% on month but down 1% on year 6.88 mil mt
China’s finished steel exports increased for the fourth month in a row in May to 6.883 million mt, up 6.3% month on month and hitting the highest level since July 2017, preliminary data released Friday by the General Administration of Customs showed.
May exports were, however, 1.4% lower year on year.
China steel exports continued to drop on a year-on-year basis and would find it difficult to rebound in the second half of the year, amid trade friction and appreciation of the Chinese yuan, according to the latest statement from the CFLP Steel Logistics Professional Committee.
Over January-May, China’s steel exports totaled 28.49 million mt, down 16.3% on the year.
Steel imports were at 1.134 million mt in May, up 8.5% on the month and 2.2% on the year. In the first five months of 2018, the steel imports were down 0.7% on the year to 5.63 million mt.
Net steel exports in May were 5.749 million mt, up 5.9% on the month but down 2.1% on the year. In January-May, the net steel export figure reached 22.86 million mt, down 19.4%.