Chinese Finished Steel Exports Plunge in Feb'19 Amid Holidays

According to released Chinese customs data, Chinese finished steel exports reported a decline of 27% on monthly basis to 4.512 MnT in Feb'19 in contrast to 6.188 MnT in Jan'19.

Monthly finished steel exports recorded lowest since last 3 years since data maintained with SteelMint. Similar levels were last observed in the month of Jan'18 when exports stood at 4.65 MnT.

Amid week-long holidays scheduled from (4th Feb - 10th Feb) on account of Lunar New Year holidays, export volumes fell. Market remained mute as Chinese mills were not taking any export orders as Letter of credit remained a major concern.
Meanwhile Vietnam being the major importer of China also remained on week-long holidays amid New Year Tet holiday. Thus lesser working days and festive holidays resulted to decline in nation's finished steel export volumes.

Meanwhile on yearly basis export volumes moved down by 7% in Feb'19 as compared to 4.85 MnT in previous year.

In the first two months (Jan-Feb) of CY'19 the exports volume stood at 10.34 MnT up by 9% against 9.5 MnT in similar time frame of CY'18.

Chinese HRC export offers in Feb'19- On an average basis Chinese HRC export offers stood at USD 488/MT FoB China in Feb'19 which was USD 450/MT FoB basis in previous month.In Feb'19 Chinese HRC export offers moved up post Lunar New year holidays amid active buying after holidays among end users along with uptrend in domestic prices.

Chinese steel imports decline by 31% M-o-M in Feb'19- Nation's finished steel imports accounted for 0.81 MnT in Feb'19 registering a fall by 31% against 1.17 MnT in Jan'19.

On yearly premise the imports were down by 20% in Feb'19 against 1.03 MnT in Feb'18.

Meanwhile, for the first two months (Jan-Feb) in CY'19 the imports were 1.99 MnT against 1.91 MnT in similar period of previous year.