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April 27, 2024 Saturday
UMETAL-CHINA, China's steel export have seen steep decline since the second half of 2016, export volumes in Feb 2017 reached 5.75 million tonnes, down more than 20% year on year for 3 consecutive months.
Chart 1: China's Steel Export Volumes
Southeast Asia, Middle East and South Asia are main destinations for Chinese steel exports, exports to the three regions have dropped markedly since last Jun.
Chart 2: Steel Export to Main Regions
Note: 1. South Asia (4 countries): Pakistan, India, Bangladesh, Sri Lanka
2. Southeast Asia (7 countries):Vietnam, Thailand, Malaysia, Singapore,越Indonesia, Brunei, Philippines
3. Middle East Region (13 countries) UAE, Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Turkey
In particular, exports to India have witnessed the largest decline among South Asian countries. Steel exports to India fell by 71.6% YoY in Jan to 149,000 tonnes, taking up 23.8% of record high of 625,000 tonnes in Sep 2015. Indian domestic steel market develops fast while demands remain relatively slack, leading to obvious decreases of the imports from China.
In Southeast Asia, exports to Thailand, Singapore and Malaysia have slid by a large extent; Jan exports to the three countries at 275,000 tonnes, 153,000 tonnes and 180,000 tonnes respectively, down 31%, 49% and 25% on a yearly basis.
In Middle East region, exports to Turkey, UAE and Saudi Arabia posed large influence on China. China's steel exports to UAE and Saudi Arabia dropped by 26% and 33% year on year in this Jan. Exports to Turkey began to decline since early 2016, with Jan figure plummeting by 72.5% as compared with last Jan.
Detailed changes are shown in below chart:
Countries | Jan 2017 | Jan 2016 | Jun 2016 | YoY Change | Change from Jun 2016 |
India | 149 | 524.5 | 264.8 | -71.6% | -43.7% |
Thailand | 275.1 | 402.2 | 743.3 | -31.6% | -63.0% |
Malaysia | 179.9 | 240.1 | 384.8 | -25.1% | -53.2% |
Singapore | 153.1 | 298.9 | 345.8 | -48.8% | -55.7% |
UAE | 56.6 | 154.3 | 429 | -63.3% | -86.8% |
Saudi Arabia | 166.5 | 224.4 | 393.4 | -25.8% | -57.7% |
Turkey | 107.5 | 390.8 | 205.2 | -72.5% | -47.6% |
Developed countries such as United States, Canada and EU have levied anti-dumping duties to China's steel products since 2015, the influenced have gradually faded after Jun 2016.
In recent half year, the key factor influencing China's steel export was domestic steel price. Meanwhile, cheap steel products from India and Iran to some extent grabbed market share of Chinese steel. At present, China's domestic steel prices stay higher than export prices, hence steel export in coming months remains unoptimistic. (Contributing by Zhang Shuangge; Editing by Vicky Wei)