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China accelerates steel exports amid continuing growth in global prices for metal products

Asia / Ferrous metallurgy
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Chinese steel mills are rapidly increasing their overseas steel sales despite Beijing canceling incentive tax incentives for exports.

China accelerates steel exports amid continuing growth in global prices for metal products

China's steel exports rose 22.5% in June from May to 6.46 million tonnes and 74.6% from a year earlier, even after the government lifted exemptions on export taxes. Nevertheless, this is half the record indicators of the end of 2015.

Most of China's steel exports in June were spot orders received in April and early May, when Beijing canceled 13% value added tax export discounts effective May 1. Chinese mills began adding tax charges to export proposals in March and April, with steel prices in China remaining competitive enough against other major steelmaking countries to support strong export trade.

Steel prices in China began to decline rapidly in the second half of May after Beijing began applying market regulation to stabilize prices. But world steel prices remained unchanged.

“Steel exports this year are likely to exceed 60 million tonnes, as prices in China have been competitive with other countries, and export orders from the mills remain at a satisfactory level,” Argus quotes an exporter from northern China. >

In the first half of 2021, China's total exports grew 28.1% year-on-year to reach 9.85 trillion yuan. According to the General Administration of Customs of the PRC, the volume of China's foreign trade from January to June 2021 increased by 22.8% compared to the same period in 2019.

According to official statistics, the Chinese economy has successfully overcome the consequences of the coronavirus pandemic. In the first quarter, economic growth was a record 18.3% compared to the same period in 2020. The Chinese authorities expect that by the end of 2021, the growth rate of the country's economy will exceed 6 percent.

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