China’s steel exports rose 27.9% on year in Jan – Jul, aluminium exports plunged over 20%
COMMODITIES DATA STOCKS
China’s steel exports rose 27.9% on year in Jan – Jul, aluminium exports plunged over 20%
COMMODITIES DATA STOCKS

China’s steel exports rose 27.9% on year in Jan – Jul, aluminium exports plunged over 20%

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

China’s steel product exports reached 50.89 million tonnes in the first seven months of the year, surging 27.9% from a year earlier, according to data released by the General Administration of Customs

Market insiders say that the strong growth was mainly attributable to the lower prices of Chinese steel products compared to other countries such as India and South Korea.

Customs data showed that, despite the increase in export volume of steel, the value of China’s steel exports in the first seven month fell by 2.1% from a year earlier, indicating that Chinese steelmakers gained overseas market with lower prices.

According to a report released by the China Iron and Steel Association in late July, China’s steel products were mainly exported to Asian countries and nine of the top ten export destinations in June were Asian countries including South Korea, Turkey, Vietnam, Thailand, Indonesia, India, United Arab Emirates and Saudi Arabia.

In terms of steel export volume, China’s steel output to Brazil, United Arab Emirates, Saudi Arabia and Turkey all surged by more than 60% year over year in the first half of 2023, according to the association.

China’s exports of unwrought rolled aluminum and aluminium semis slid by 20.7% year over year to 3.296 million tonnes in Jan – Jul and the value of the exports plunged by 27.8% to 79.15 billion yuan, showed the data.

Mechanical and electrical products remained the main export products, rising by 4.4% year over year in January – July to 7.83 trillion yuan and accounting for 58.1% of the country’s total exports, showed the data.

Exports of automobiles reached 383.7 billion yuan during the period, surging 118.5% from a year ago, making it the fast-growing category this year.

Exports of auto parts reached 354.16 billion yuan, surging 17.7% from a year earlier. Exports of tires reached 4.28 million tonnes and 74.9 billion yuan, rising by 13.7% and 19.9% year over year.

Exports of computer and components reached 735 billion yuan in the period, sliding 19.8% from a year earlier, and handset exports reached 462.4 billion yuan, falling by 6.5%.