China exported 8.36 million tonnes of steel in May 2023, customs data showed, the highest monthly total since September 2016. Exports over January to May reached 36.4 million tonnes, up 41 percent year on year, as mills turned to overseas markets while domestic demand stayed weak. The depreciation of the yuan and falling export prices gave Chinese steel a cost advantage abroad, and buyers in South Korea and Southeast Asia took large volumes. Analysts expected the export boom to continue through the summer, with some forecasting a full-year total of 66 to 77 million tonnes, the strongest since 2016. The surge also drew attention from trading partners, with several countries opening trade investigations into Chinese steel during the year. Export prices fell sharply over the year, with hot-rolled coil offers dropping from about $636 a tonne in January to $575 by December, widening Chinese steel's price advantage over Japanese and other suppliers.
Source: MRS Steel — https://mrssteel.com.vn/blogs/steel-news/china-steel-exports-reach-7-year-high-as-domestic-demand-slumps
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