China’s customs have called on to further strengthen the control over steel exports into a higher international steel market. China exported 21.72 million tons of steel products during the first five months, down 20.8% year-to-year, according to customs. In May, the country exported 5.56 million tons, the highest since last September, down 9.8% year-to-year but up 16.4% month-to-month.
As of late May, the CRU international steel price index stood at 268 points, up 13.1% from April and 55.4% for a year earlier. It was the price hike in the international steel market that led to the recent rebound in China’s steel exports.
The customs wanted to further strengthen the monitor on steel exports to ensure the supply for the domestic market and post-disaster reconstruction. Enterprises are encouraged to export high-value added and high-tech materials and those consuming large energy and discharging heavily will be restricted.