China exported 3.701 million tons of steel in June 2020

According to the data of the General Administration of Customs on July 14, 2020, China exported 3.701 million tons of steel in June 2020, a decrease of 699000 tons compared with the previous month, a year-on-year decrease of 30.3%; from January to June, China's total export of steel was 28.704 million tons, a year-on-year decrease of 16.5%.

In June, China imported 1.878 million tons of steel, an increase of 598000 tons compared with the previous month, with a year-on-year increase of 99.8%; from January to June, China's steel imports totaled 7.343 million tons, with a year-on-year increase of 26.1%.

It is reported that steel exports hit an 8-year low in June and steel imports hit a 10-year high. The main reason for this is that overseas demand recovered slowly due to the impact of the epidemic, the domestic epidemic situation was controlled earlier, and the downstream demand recovered rapidly. For example, the state launched a series of stable investment measures. For example, yesterday, the state launched another 1.29 trillion major water conservancy project investment, global sellers increased their investment in low-cost resources in China, and the difference between domestic steel prices and foreign prices also narrowed. It is expected that the export volume will continue to stay low and the import volume will remain high from July to August.