Chinas finished steel exports rebounded in August as
orders improved from mid-June to early July amid low
Exports totaled 6.14
million tonnes in August, up 19.2 percent from 5.15 million
tonnes in July and 44.8 percent higher year on year, according
to preliminary Chinese customs data released Sept. 8.
"It is the first time
since October 2008 that Chinas finished steel exports had
exceeded 6 million tonnes, which could be due to good orders
received in mid-June and early July, when prices reached a
bottom and attracted overseas buyers," one Shanghai-based
coil export prices fell to $490 to $505 per tonne f.o.b. at the
end of June, down an average of 13.5 percent from $570 to $580
f.o.b. at the beginning of 2013.
"Its good to see
the export (volume) increase, but its still not enough to
relieve the oversupply in the domestic market," a northern
Chinese mill source said.
With export prices
slowly picking up since mid-July and deemed "unattractive" by
buyers, the countrys exports could fall again in October,
market sources said.
China imported 1.23 million tonnes of finished steel in
August, up 4.2 percent from the prior month and 2.5 percent
higher year on year.
A version of this
article was first published in AMM sister publication Steel