Chinese Finished Steel Exports Plunge to 8-Month Low in October

According to the recent data released by General Administration of customs, Chinese finished steel exports dropped by 8% M-o-M in Oct'18 to 5.5 MnT as compared to 5.95 MnT in Sept'18. Chinese steel export volumes have hit 8-month low as in Feb'18 export volumes were at 4.85 MnT.

Chinese flat steel export prices dropped sharply amid low bids from overseas buyers. Competitive offers from Russia and Turkey resulted in decline in Chinese flat steel export offers.

Chinese HRC export offers on montly average basis stood at USD 555/MT, FoB China in Oct'18 fell significantly by USD 20/MT against previous month.

Few Chinese mills focussed on domestic sales resulting in lowered export volumes.

However on yearly basis nation's finished steel export volumes moved up by 10% in comparison to 4.98 MnT in Oct'17.