FOCUS: Chinese steel mills exit seaborne markets amid output cuts

Several steelmakers in China stopped issuing export offers this week, while others sharply increased their offer prices to overseas buyers, suggesting that the Chinese government's desire to see production cuts is starting to have an impact.

Steel mills, including Shandong Iron & Steel and Yingkou Medium Plate Co, have issued no export offers this week, with limited availability forcing them to prioritize the domestic market, sources told Fastmarkets.
Some other mills, meanwhile, kept their order books open this week, but raised their offer prices sharply, with key eastern mill,  Shagang, offering hot-rolled coil at $1,000 fob China on Thursday July 15 - up from $980 at the start of the week - due to limited resources.
The most recent developments came following the widespread talks that Chinese steelmakers have been required to scale back production in the second half of the year.

Despite the absence of an official announcement calling for cuts to steelmaking output, Beijing did make such a pledge earlier this year. China's National Development & Reform Commission said in early 2021 that it will work with the Ministry of Industry & Information Technology to...

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