Most major foreign buyers of cut flat steel imports from China in May due to non-competitive prices, but a few buyers of rebar have signed direct supply contracts in large tonnages with Chinese mills.
China's major steel exports
Flat steel: 2.46 million tonnes, down by 27.5% year on year, down by 39.6% from April,
China Customs data shows.
Steel bar: 690,000 tonnes, down by 11.5% year on year and down 15.9% month on month
Angles and sections: 200,000 tonnes, down by 40.8% year on year and down 35.5% month on month
Steel wire rod: 170,000 tonnes, down by 11.5% year on year, unchanged month on month
High Chinese prices lead flat steel exports down
Major importers of Chinese flat steel, which accounted for 56% of the total 4.4 million tonnes of exports in May, cut procurement in May due to the high prices,...