China's July steel exports drop 15% on month, on year at 5.886 mil mt

China's finished steel exports retreated in July after rising continuously over February-June, to 5.886 million mt, down 15% both on the month and on the year, preliminary data released Wednesday by the General Administration of Customs showed.

July's exports were down to the lowest level since April.

Over January-July, China's steel export volume totaled 41.31 million mt, down 14% year on year.

Market sources said the drop in the July export volume was within their expectations, as orders for July shipments booked mainly during May-June had declined due to rising Chinese steel prices.

Steel imports for July were at 1.027 million mt, down 1% on the month but up 5% on the year.

In the first seven months of this year, steel imports were down 1% year on year at 7.698 million mt.

Net steel exports in July were at 4.859 million mt, down 18% on the month and down 19% on the year. In January-July, the net steel export figure reached 33.61 million mt, down 16% on the year.