China’s steel imports rose by 159.2pc to 3.828mn mt in September from a year ago and up by 28.79pc from August as Chinese steelmakers stocked up billet inventory ahead of the Golden week holidays in the first week of October.
In September, China exported 3.828mn mt steel, down by 28.18pc from the prior year period, but up by 4.08pc or 150,000mt from August, according to preliminary data from China’s General Administration of Customs. Steel exports recovered but remained low due to weak steel demand amid the economic distress caused by the COVID-19 pandemic in importing countries.
China’s domestic steel demand remained robust in September. Chinese steelmakers slowed down billet imports in the first half of September, however, ahead of long Golden week holiday, they restocked inventories. Flat steel imports from Vietnam, India and Russia also increased in September.
| China’s steel exports and imports in September | |||||
|---|---|---|---|---|---|
| (Unit: mn mt) | Sep-20 | Sep-19 | Change YoY | Aug-20 | Change MoM |
| Steel exports | 3.828 | 5.330 | -28.18% | 3.678 | 4.08% |
| Steel imports | 2.885 | 1.113 | 159.20% | 2.240 | 28.79%` |
In the period, China’s cumulative steel exports fell by 19.6pc to 40.385mn mt from 50.257mn mt in the prior year period. Steel imports rose by 72.2pc to 15.073mn mt in Jan-Sep from the prior period.
Iron ore imports
In September, China’s iron ore and concentrate imports rose by 9.25pc to 10.854mn mt from the prior year and of 8.15pc from August. In Jan-Sep period, total imports of iron ore and concentrate rose by 10.8pc to 864.62mn mt from the prior-year period.