China's steel exports in May 2019 totaled 5.73 million tonnes, down 17 percent from 6.88 million tonnes a year earlier and down 10.5 percent from April, according to preliminary data from Chinese customs. Exports were last lower last February at 4.51 million tons.
Total exports in January-May increased by 2.5 percent from a year earlier to 29.09 million tons.
Domestic steel demand picked up seasonally in March and April, as construction activity peaked ahead of the hot and humid season in June-August. Demand has eased since the end of May, as falling prices and high raw material costs have led to lower profit margins for businesses.
Chinese steelmakers are cutting their supply prices for exports due to limited cash and weak domestic demand in recent days. It is unclear if more export shipments are being booked.
Domestic steel demand in China is likely to remain sluggish until August, although a robust real estate market and expected growth in the infrastructure sector may continue to support steel prices this year.
