By Vibin Antony
Chinese steel exports and scrap steel prices are likely to drop during January.
As China, the world's biggest steel producer and exporter, accounting for about half of global output, this situation is causing repercussions not only in China but also in other countries through inter-industry linkages.
Prices for major steel scrap commodities in China continued to drop on Wednesday and expected to drop further in January as domestic demand slowed further dragging down the steel making raw material that has been weighed down by growing supply.
Outbound shipments of China’s steel products are expected to fall in January 2015. The removal of export rebate taxes on some boron-added steel products from the beginning of 2015 will negatively affect exports in January, as per the latest foresees by Steelease, Shanghai Metals Market’s ferrous branch.
Chinese steel exporters stepped up exports before the new policy comes into effect, sending higher exports in December. China exported 10.17 million tonnes of steel products in December, up 4.6% month-on-month, and up 89.4% year-on-year.
PMIs in major export destination countries are expected to fall in January, and this will also weaken demand for steel products.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
Chinese steel exports and scrap steel prices are likely to drop during January.
As China, the world's biggest steel producer and exporter, accounting for about half of global output, this situation is causing repercussions not only in China but also in other countries through inter-industry linkages.
Prices for major steel scrap commodities in China continued to drop on Wednesday and expected to drop further in January as domestic demand slowed further dragging down the steel making raw material that has been weighed down by growing supply.
Outbound shipments of China’s steel products are expected to fall in January 2015. The removal of export rebate taxes on some boron-added steel products from the beginning of 2015 will negatively affect exports in January, as per the latest foresees by Steelease, Shanghai Metals Market’s ferrous branch.
Chinese steel exporters stepped up exports before the new policy comes into effect, sending higher exports in December. China exported 10.17 million tonnes of steel products in December, up 4.6% month-on-month, and up 89.4% year-on-year.
PMIs in major export destination countries are expected to fall in January, and this will also weaken demand for steel products.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
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