S&P Global Platts estimates China's steel exports will total around 55 million mt in 2020, down 14% from realized exports of 64.29 million mt in 2019.
China imported 1.61 million mt of semi-finished steel products in October, comprising mainly billet and slab, up more than eightfold year on year, despite being down a sharp 42% from September, latest customs data showed.
When added to finished steel imports, China's total steel imports in October were 3.54 million mt. The country exported 4.04 million mt of semi-finished and finished steel in October, resulting in net steel exports of 0.5 million mt, down around 86% on the year. In September, China's net steel imports stood at 1.84 million mt.
Market sources said global steel demand had improved in recent weeks and was likely to boost China's exports further in November and December, reducing the need to sell into the Chinese market.
