China’s finished steel exports rise 15% year-on-year in May

China’s exports of finished steel rose year on year in May, according to data published by the General Administration of Customs on Friday June 7

Exports in May came in at 9.63 million tonnes, up by 15% from 8.36 million tonnes a year earlier, but down by 4% from 9.22 million tonnes in April.

Exports totaled 44.66 million tonnes in the first five months of 2024, up by 24.7% from 35.82 million tonnes (adjusted from 36.37 million tonnes) a year earlier.

China’s competitive export prices were the key factor behind higher export tonnages in May, sources told Fastmarkets.

May’s export cargoes were mainly booked in March and April, with Fastmarkets’ calculation of its steel hot-rolled coil index export, fob main port China averaged $535 per tonne in March and $529 per tonne in April.

These prices compare with higher ones from suppliers in other regions, which is reflected in Fastmarkets’ assessment for steel hot-rolled coil (commodity) export, fob main port India which averaged $578 per tonne in March and $560 per tonne in April.

But export trading became less active from May on the back of concerns among exporters over rumors of a potential crackdown of non-value-added-tax exports, sources said.

Imports

China imported 637,000 tonnes of finished steel in May, up by 1% from 631,000 tonnes a year earlier, but down by 3% from 658,000 tonnes in April, according to data from Chinese customs.

China imported 3.04 million tonnes of finished steel in the first five months of 2024, down by 2.7% from 3.13 million tonnes a year earlier.

We provide more than 250 steel prices, including industry benchmarks from across the globe. Fastmarkets’ steel price data combines the intelligence of industry-leading brands such as Metal Bulletin, American Metal Market, Scrap Price Bulletin and Industrial Minerals. Talk to us about our steel price data options today.

What to read next
US President Donald Trump has reinstated the full 25% steel tariffs under Section 232. This decisive move aims to curb surging imports and bolster US manufacturing. With exemptions removed and impacts stretching from producers to downstream manufacturers, the global steel industry braces for widespread effects.
US President Donald Trump’s decision to impose 25% tariffs on imports of steel products into the US has generated a strong reaction in the EU, with market sources expecting a domino effect and a subsequent trade war, Fastmarkets heard on Tuesday February 11.
Fastmarkets proposes to amend the load port of its hard coking coal and pulverized coal injection (PCI) spot prices, fob DBCT, to fob eastern Australian ports, from the current basis of Dalrymple Bay Coal Terminal, Australia.
The amendment would decrease publishing frequency to twice per week from daily, to reflect lower market liquidity following Russia’s invasion of Ukraine in 2022 and resulting in Western sanctions against Russia that led to lower export sales volumes from the country. This is also while the effect of the war has resulted in lower sales […]
The impact of the US’ breakneck flip-flop on immediate 25% tariffs on Mexican and Canadian goods this week is adding confusion to a North American steel market long-starved of certainty, sources told Fastmarkets.
U.S. tariffs on Mexico shape global trade dynamics, impacting products and prices on both sides of the border.