China’s finished steel exports rise 15% year-on-year in May

China’s exports of finished steel rose year on year in May, according to data published by the General Administration of Customs on Friday June 7

Exports in May came in at 9.63 million tonnes, up by 15% from 8.36 million tonnes a year earlier, but down by 4% from 9.22 million tonnes in April.

Exports totaled 44.66 million tonnes in the first five months of 2024, up by 24.7% from 35.82 million tonnes (adjusted from 36.37 million tonnes) a year earlier.

China’s competitive export prices were the key factor behind higher export tonnages in May, sources told Fastmarkets.

May’s export cargoes were mainly booked in March and April, with Fastmarkets’ calculation of its steel hot-rolled coil index export, fob main port China averaged $535 per tonne in March and $529 per tonne in April.

These prices compare with higher ones from suppliers in other regions, which is reflected in Fastmarkets’ assessment for steel hot-rolled coil (commodity) export, fob main port India which averaged $578 per tonne in March and $560 per tonne in April.

But export trading became less active from May on the back of concerns among exporters over rumors of a potential crackdown of non-value-added-tax exports, sources said.

Imports

China imported 637,000 tonnes of finished steel in May, up by 1% from 631,000 tonnes a year earlier, but down by 3% from 658,000 tonnes in April, according to data from Chinese customs.

China imported 3.04 million tonnes of finished steel in the first five months of 2024, down by 2.7% from 3.13 million tonnes a year earlier.

We provide more than 250 steel prices, including industry benchmarks from across the globe. Fastmarkets’ steel price data combines the intelligence of industry-leading brands such as Metal Bulletin, American Metal Market, Scrap Price Bulletin and Industrial Minerals. Talk to us about our steel price data options today.

What to read next
Fastmarkets’ pricing database has been updated. The steel billet index export, fob Black Sea, CIS price was published at $496 per tonne on July 19. This price is part of the Fastmarkets steel price package. For more information or to provide feedback on the delayed publication of this price or if you would like to provide price […]
Fastmarkets proposes to discontinue its weekly price assessment for steel reinforcing bar (rebar) domestic, ex-whs Northern China.
Fastmarkets launches MB-STE-0918 Electrical steel, non-grain oriented, ex-whs Eastern China, $/tonne and MB-STE-0919 Electrical steel, non-grain oriented, cfr India, $/tonne on July 19.
The publication of Fastmarkets’ CIS steel slab, wire rod, hot-rolled and cold-rolled coil assessments was postponed by one day due to a public holiday in Ukraine on Monday July 15.
US steel producers, pipe and tube manufacturers, trade organizations and union workers gathered at Capitol Hill in Washington DC to meet with lawmakers on Wednesday July 10, urging action on legislation aimed at bolstering US trade remedy laws to curb “unfair trade practices.”
The US government will impose tariffs on steel and aluminium shipped from Mexico that were made elsewhere, in a bid to curb trans-shipment and excess production, the White House said in a statement on Wednesday July 10, a move widely applauded by the pair of metals industries