China’s steel products exports in July turned positive and grew by 12.7pc to 4.17mn mt from June. Amid the COVID-19 pandemic China’s steel exports had shown a de-growth in the prior months due the slowdown of economic activities in importing countries. Steel imports rose by 38.3pc from June as robust infrastructure and industrial activities continued to fuel steel consumption in China.
|China’s steel trade in July|
|Units: mn mt||July||June||Jan-Jul||Change MoM|
|Steel products exports||4.17||3.7||32.87||12.7%|
|Steel products imports||2.60||1.88||9.94||38.3%|
|Crude steel production||92.61 (e)||91.58|
|e = CISA estimate|
For the Jan-July period, China’s steel exports decreased by 17.6pc to 32.87mn mt, while imports rose by 49.3pc to 9.94mn mt from the prior year period.
China imported 660mn mt of iron ore in the first seven months, up by 11.8pc from the prior year period. The average import price was CNY641.2/mt ($92.13), up by 1.1pc from the prior year period. During the period, China’s coal imports were 200mn mt, up by 6.8pc from the prior year at an average import price of CNY495.4/mt, down by 7.6pc.
China’s steel output has breached new highs amid rapid ramp up of production by steelmakers in the last week of July amid government’s infrastructure stimulus and pick up in construction activities despite rains. China produced 33.04mn mt of crude steel in the late week of July, up 8.73pc from the prior year period, according to CISA estimates and the cumulative estimate of steel production for July is 92.61mn mt.
Export of unwrought aluminium and aluminium products stood at 373,402mt. For the seventh month period, unwrought aluminium and aluminium products exports dropped by 21.0pc from the prior year period amid thin supply of aluminium scrap due to quota restrictions.
Import of unwrought copper and copper products in July was reported at 762,210mt. For the seventh month period, unwrought copper and copper products imports rose by 34.5pc from the prior year period.