By Anil Mathews (ScrapMonster Author)
November 11, 2015 01:52:34 AM
According to latest trade data, Chinese steel export volumes dropped during the month of October this year. The exports totaled 9.02 Million tonnes during the month.China’s steel export volumes slumped in October
BEIJING (Scrap Monster): The latest trade data published by the General Administration of Chinese Customs indicate that the country’s steel exports dropped during the month of October this year. This is when compared with the exports a month before. When compared with the same month a year ago, the steel exports during Oct ’15 have remained higher.
The steel exports by the country totaled 9.02 Million tonnes during October this year. The volumes plunged by 19.82% over the previous month. The Chinese steel exports had totaled 11.25 Million tonnes during September this year. Year-on-year, the export volumes stood higher by 5.5%. The cumulative steel export volumes during the initial ten-month period of the year totaled 92.13 Million tonnes. The year-to-date export volumes were up by 24.7% when matched with the previous year.
Trade reports indicate that export volumes may register further declines in the short term. However, recent sharp fall in Chinese steel prices may boost export volumes. The export volumes are likely to show significant strength during the end of the year. Following the decline in Oct ’15 export volumes, the yearly export volume target has been cut from the earlier predicted 110 Million tonnes. Even after accommodating for the projected rise in exports on account of lower steel prices, the full year export volumes are unlikely to touch 110 Million tonnes, traders noted.
The Chinese steel exports are expected to remain at higher levels during the forthcoming years. Although the 11 Million tonnes achieved during the month of September this year is not sustainable, the monthly output is expected to range between 8 Million tonnes to 10 Million tonnes, thus taking the yearly exports total to nearly 100 Million tonnes.
Meantime, steel imports by the country totaled 950,000 tonnes, dropping by 5.94% from September imports. The imports dropped by 12.57% when compared with the same month a year before. The steel imports by the country during initial ten-month period of the year totaled 10.68 Million tonnes, dropping sharply by nearly 12% when matched with the previous year.