Chinese steel product exports dropped 29% in February, says customs data

BEIJING (Scrap Monster):  As per the latest export data released by the General Administration of Chinese Customs, the country’s exports of steel products slumped during the month of February from the previous month. However, the exports in February went higher when compared with those during same month the previous year. The Customs noted that the exports generally remain weak during February, on account of Chinese New Year holidays.

China exported 4.8 million tons of steel products during the month of February this year, down 29.1% from the previous month. The Feb ’14 exports were up 13.2% when compared with the exports during February 2013. The country’s cumulative steel product exports during the initial two months of the year totaled 11.57 million tons, 26.3% higher than the exports during the corresponding two-month period in 2013.

On the other hand, the country’s imports of steel products declined sharply during February this year. The steel product imports totaled 980,000 tons, down 27.4% over the previous month and down 8.9% from the same month the previous year. The cumulative imports during the January to February period amounted to 2.340 million tons, higher by 17% year-on-year.

It must be noted that the customs is yet to release the import and export details of steel ingots and semi-finished products.