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Chinese steel export likely to fall back- 21 Jun 10

According to the latest statistics by China Customs, the nation steel export has kept rising in May. However, it is likely to fall back after May as for the orders windup before the summer vacation in Europe and US and the inventory replenishment closing of downstream enterprises in Asia-Pacific region.
Data shows that China has exported 4.94 million tonnes finished steel products in May up by 0.63 million tonnes from April or 265.93%YoY. The accumulated steel export volume during January to May was posted at 17.96 million tonnes up by 132.7%YoY. Well, the import volume in this May went at 1.36 million tonnes down by 0.14 million tonnes from April or 17.58%YoY and the accumulated imports during Jan-May were 6.97 million tonnes up by 7.2%YoY.

Analysts believe the rising export in May is just because of the orders placed one or two months earlier when the demand was still strong in Europe, US and Asia and importers held bullish anticipation on iron ore prices.
Further more, the daily crude steel output jumped by 27%YoY to 1.85 million tonnes in April and the whole steel output is expected to stay high in the future. Due to the adverse real estate policy and off-season, steel consumption is likely to fall down in Q3, while steel enterprises will go back to face with great loss and high output under the high cost, but low steel prices situation.

Jun 21, 2010 07:47
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