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Shanghai exported 4.495 MT steel products in H1

According to Shanghai Customs, it exported 4.495 million tonnes of steel products in the H1 this year, representing a YoY increase of 8.1%. The export value totaled CNY 33.37 billion increasing by 5.2% YoY. The average export price was CNY 7424.3 per tonne, down 2.7% YoY.

Characteristics of steel exports in Shanghai Customs;
i) The export volume in June increased for four consecutive months accompanied with the narrowing of the range of average export price decline.
ii) The general trade manner accounting for 90% of the total exports and the processing trade manner enjoyed a rapid increase.
iii) The export of state-owned enterprises decreased while the ratio of private enterprises increased accordingly.
iv) ASEAN is the largest export market for Shanghai. Meanwhile, its export to US rose rapidly.
v) The export of flats products accounting for more than 50 percent of the overall export. Besides, the average price of major products declined as a whole.

Reasons for the increase of steel exports in Shanghai Customs;
i) Market demand increased due to economy recovery in major markets, which as a result driven the increase of steel exports.
ii) Imbalance of supply and demand in domestic steel industry, the excess capacity was digested by cutting prices and exporting.

Problems worthy of attention;
i) The export environment further deteriorates caused by the frequent trade frictions of Chinese steel products.
ii) Since the increasing of capital chain crack risk, Chinese steelmakers suffered severe losses as a whole.

Source – steelhome

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