SHANGHAI Chinas steel exports rose again last month as bookings went up following a price increase in October.
Export tonnages totaled 5.13 million tonnes, up nearly 6 percent from 4.84 million tonnes in October and 10.8 percent ahead of the monthly average of 4.63 million tonnes in the first 11 months of this year, according to preliminary Chinese customs data.
"Chinese steel export business improved as prices rose further in October, which led to higher export volumes in November," a trader in Zhejiang province told AMM sister publication Steel First.
Both domestic and export prices for cold-rolled coil have risen since October.
Chinas base export prices for cold-rolled coil range between $620 and $630 per tonne f.o.b., up an average of 2.9 percent from $605 to $610 per tonne a month earlier and an average of 4.2 percent higher than the $595- to $605-per-tonne range two months ago.
Domestic cold-rolled coil prices of 4,500 to 4,680 yuan ($722 to $751) per tonne are up an average of 1.4 percent from 4,470 to 4,580 yuan per tonne a month earlier and 2.2 percent ahead of 4,430 to 4,550 yuan per tonne two months ago.
The export market should be able to maintain its momentum in the short term, traders said, although they acknowledged that any further increase in Chinas steel exports will depend on international market prices.
The countrys steel exports totaled 50.9 million tonnes in the first 11 months of 2012, a 12.7-percent increase from the same period last year.
Exporters expect shipments to remain at a similar level or slightly higher in December, based on their transaction records.
A version of this article was first published by AMM sister publication Steel First.