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China's steel exports decline 6% in October

Keywords: Tags  chinese steel exports, Chinese customs, steel prices, steel exports

SHANGHAI — China’s steel exports fell again in October on fewer bookings after a quick and strong price rebound in September.

Exports totaled 4.84 million tonnes, down 6 percent from 5.15 million tonnes in September, according to preliminary Chinese customs data.

"Chinese steel products became less attractive after the strong price rise in September, which led to lower export volumes in October," one trader in Shanghai told AMM sister publication Steel First.

Export prices for commercial-grade, boron-containing hot-rolled coil are at $540 to $545 per tonne f.o.b., up from $530 to $540 per tonne f.o.b. a month ago.

But South Korean and Japanese exporters are shipping their thinner-gauge and higher-grade materials at similar price levels, the trader said.

China’s domestic commercial-grade hot-rolled coil prices are at 3,970 to 4,000 yuan ($631 to $636) per tonne, up 50 to 60 yuan ($8 to $10) per tonne from last Friday and above the 3,720- to 3,750-yuan-per-tonne level seen a month ago.

The country’s steel exports for the first 10 months of 2012 totaled 45.78 million tonnes, up 11.8 percent from the corresponding 2011 period.

October’s exports also topped the monthly average of 4.58 million tonnes for the first 10 months.

Exporters expect shipments to remain at a similar level or decline slightly in November, based on bookings received thus far.

A version of this article was first published by AMM sister publication Steel First.

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