The steel exports of China are expected to continue to pick up

According to the data released by the General Administration of Customs, in October 2020, China exported 4.039 million tons of steel, an increase of 211000 tons compared with September, a 5.5% increase on a month on month basis, and a decrease of 15.5% on a year-on-year basis; from January to October, China exported 44.425 million tons of steel, down 19.3% year-on-year.

The monthly steel export volume rose slightly for two consecutive months after reaching the lowest level in recent years in August, while the steel import volume dropped significantly after reaching a new high in September.

Export improvement driven by stronger external demand and shrinking price differential:
In October, the global steel demand continued to strengthen, the international steel market continued to warm up, steel export quotations of various countries rebounded, and the price advantage of China's steel exports gradually emerged, which led to a small increase in export volume.