China Steel exports plunge 29% y/y in February

CHINA March 09 2017 2:52 PM

SHANGHAI (Scrap Register): China steel exports plunged by 23 percent month-on-month to 5.75 million metric tons during February this year and it was also down 29% year on year, according to the latest data released by the by the General Administration of Customs showed.

The exports plummeted to a three-year low of 5.75 million metric tons in February as producers switched from selling overseas to serving domestic markets, where prices commanded a premium.

China's renewed crackdown on induction furnace steel since January and production cuts implemented to reduce emissions were the main factors that boosted prices across the steel complex.

According to Chinese Customs data, exports of unwrought aluminum and aluminum semis were 260,000 metric tons during the month of February, with year-to-date exports from January to February at 650,000 metric tons, a drop of 2.1 percent from a year early.