Chinese and Japanese Steel Trade Update
Chinese steel exports dropped to the lowest level since February 2014 in October at 5.0 Mt as shipments to almost all major destinations retreated, according to U-metal. Exports to Asia fell by 1.9 Mt to 3.2 Mt, while shipments to the Americas (-0.2 Mt to 0.5 Mt) and Europe (-0.2 Mt to 0.3 Mt) also declined. Chinese steel exports have fallen on an annual basis for 15 consecutive months, with shipments in January-October down by 28.5 Mt at 64.6 Mt.
Similarly, Japanese steel exports slipped to a three-month low of 3.0 Mt in October, down by 0.3 Mt year-on-year, on lower shipments to South Korea and the Americas, the Japan Iron and Steel Association reports. At 31.6 Mt, exports in the first ten months of the year were down by 3.0 Mt on the same period in 2016.