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Why China's steel exports broke 10 million tons for two consecutive months?
2024-11-27
The latest data from the General Customs heat show that in October, China exported 11.182 million tons of steel, up 40.8% year-on-year. In the first 10 months of this year, China exported a total of 91.893 million tons of steel, an increase of 23.3%. So far, so far this year, China's steel exports have exceeded last year's annual.
In October, China's foreign trade in steel still maintains a clear net export trend. According to estimates, in October, China's net exports of steel village 10.646 million tons, an increase of 46.4%. In the first 10 months of this year, China's net exports of steel 86.172 million tons, an increase of 26.1%.
The reasons are mainly the following:
First, China's steel export price advantage has increased.
To hot-rolled steel coil, for example, data show that as of November 5, India, Turkey, CIS countries hot-rolled coil export quotes (FOB) were 550 U.S. dollars / ton, 605 U.S. dollars / ton, 510 U.S. dollars / ton, while China's hot-rolled coil export quotes (FOB) for 497 U.S. dollars / ton, China's steel export price advantage is obvious.
Secondly, the global manufacturing PMI rose steadily.
Thirdly, changes in overseas steel supply and demand have brought space for steel exports.
Fourth, China's steel export order index has rebounded.
Fifthly, the depreciation of RMB indirectly enhanced the competitiveness of steel exports.
Since October, there have been Guatemala, South Korea, Malaysia, China's steel products to launch trade investigations.
October 2, Guatemala launched an anti-dumping investigation of China's galvanized sheet;
October 4, South Korea launched an anti-dumping investigation of China's medium plate;
October 11, Malaysia launched an anti-dumping investigation of China coil.
