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China's May steel exports up 6% on month but down 1% on year 6.88 mil mt

Singapore — China's finished steel exports increased for the fourth month in a row inMay to 6.883 million mt, up 6.3% month on month and hitting the highest levelsince July 2017, preliminary data released Friday by the GeneralAdministration of Customs showed.

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May exports were, however, 1.4% lower year on year.

China steel exports continued to drop on a year-on-year basis and wouldfind it difficult to rebound in the second half of the year, amid tradefriction and appreciation of the Chinese yuan, according to the lateststatement from the CFLP Steel Logistics Professional Committee.

Over January-May, China's steel exports totaled 28.49 million mt, down16.3% on the year.

Steel imports were at 1.134 million mt in May, up 8.5% on the month and2.2% on the year. In the first five months of 2018, the steel imports weredown 0.7% on the year to 5.63 million mt.

Net steel exports in May were 5.749 million mt, up 5.9% on the month butdown 2.1% on the year. In January-May, the net steel export figure reached22.86 million mt, down 19.4%.

--Staff, newsdesk@spglobal.com

--Edited by Geetha Narayanasamy, geetha.narayanasamy@spglobal.com