China Steel Export Declines by 4.7% in September

Chinese steel export decreased by 4.7% to 2.87 million tonnes in October from September, which decreased for the first time in 2 months, announced by Chinese authority on Wednesday. Chinese steel makers seemed to reduce the export when they reduce the output due to electric power supply cut by local governments along with slow demand.

The export increased since March when the domestic demand decreased. The export marked 5.62 million tonnes in June. However, the export turned downward since August due to cut in export tax refund in July.

The averaged export price in October increased by 0.6% or US$ 6 to US$ 951 per tonne from September, which increased for the first time in 2 months. On the other hand, the export doubled to 36.8 million tonnes in January-October from same period of 2009.

The steel import decreased by 13.6% to 1.14 million tonnes in October from September, which decreased for 4 months in a row, due to lower domestic demand. The averaged import price decreased by 1.4% or US$ 18 to US$ 1,255 per tonne, which decreased for the first time in 2 months. The net export increased by 1.8% to 1.72 million tonnes, which increased for 2 months in a row.