China: Finished Steel Exports Shrink 27% in Q1 CY18

According to the recent data released by Chinese customs,Chinese finished steel exports plunged by 27% to 15.15 MnT in Q1CY18 against similar quarter of previous year. China's steel export volumes stood at 20.73 MnT in Q1 CY17. Steel capacity cuts to curb pollution and overcapacity has resulted to fall in export volumes.

However on monthly basis nation has reported hike in export volumes by 16% in Mar'18 against 4.85 MnT in Feb'18. Chinese HRC export offers on monthly average basis increased sharply from USD 575/MT, FoB in Jan'18 to USD 590/MT, FoB in Feb-Mar'18 in first two months of CY18

On monthly average basis, In Mar'18 domestic HRC prices in China stood at RMB 3,923/MT,fell marginally by 5% against RMB 4,115/MT in Feb'18.

Chinese steel exports fall 25% in Mar'18-On yearly basis nation's finished steel export volumes slumped by 25% to 5.65 MnT in Mar'18 against 7.56 MnT in Mar'17.

In Mar,18 Chinese average HRC prices in domestic market stood at RMB 3,923/MT , jumped by 12% Y-o-Y basis against RMB 3,497/MT in Mar'17.Thus higher domestic prices amid strong demand in domestic market lead to fall in export volumes from China.