Chinese Steel Exports Down Sharply in May

China’s steel exports in May decline by 23.3 percent compared with May 2019 to about 4.4 million tons. Global demand for Chinese steel products remains weak as economic activity around the world is hampered by the coronavirus. “Customers in each country are losing their willingness to buy,” said a Steel Market Update source in the region. Various countries have filed antidumping cases against China, adding to the resistance to its steel exports.

The recovery of China’s economy as coronavirus restrictions have been lifted has added to domestic demand, raising steel prices on the home front. Chinese mills do not want to export if it would force them to cut prices. “At present, no one sees that China’s export prices for steel products are cheap,” said the source.