China’s finished steel exports reached 5.053 million mt in August, slipping 11% from July, China’s customs data showed Sept. 7.

          The country's steel shipments fell for the second consecutive month as efforts to curb exports gathered pace in the country.

          Market participants said they expected the export downtrend to continue for the rest of this year, as overseas demand is seen weakening amid fresh COVID-19 outbreaks.

          Another major factor halting export growth potential is widening output cut orders received by major Chinese steelmakers, which have been verbally informed by government authorities to maintain their 2021 exports at par with 2020 levels, according to sources.

          Cutbacks in steel exports are part of China’s plans to keep its steel production in 2021 at 2020 levels, as it looks to cap iron ore prices and cut carbon emissions. To discourage steel exports, China also removed steel export rebates in May and July.

---- Steel Business Briefing