China’s Oct steel exports fall 35% on year, 3% on month to 4.98 mil mt

China’s steel exports in October hit the lowest level since February 2014 at 4.98 million mt, down 35% on the year and 3% on the month, preliminary data released by the General Administration of Customs on Wednesday showed.

Exports fell for the third month in a row as rising domestic prices weakened overseas buying interest.

Over January-October, China exported 64.49 million mt of steel, down 30% year on year.

Meanwhile, China imported 0.95 million mt of steel in October, down 23% month on month and 12% lower year on year. Imports were the lowest since February 2016.

Over January-October, steel imports rose 0.5% year on year to 10.96 million mt.

Its net steel exports in October stood at 4.03 million mt, up 3% on the month but down 39% on the year. Over January-October, China’s net steel exports were 53.53 million mt, down 35% on the year.

Source: Platts

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