China’s steel exports rose 55.9% on the month and were 47.2% higher on the year, reaching 7.759 million mt in May, customs data showed June 9. Steel exports in the first five months of 2022 were still 16.2% lower on the year, at 25.915 million mt.

          Imports of finished steel in May fell 15.7% on the month and were 33.2% lower on the year, at 806,000 mt, taking total steel imports in January-May to 4.98 million mt, down 18.3% on the year, according to customs data.

          As a result, China’s net finished steel exports in May reached 6.953 million mt, up 72.9% on the month and 71.1% higher on the year. In the first five months of 2022, China’s net steel exports were 15.6% down on the year, at 20.935 million mt.

          China’s strong steel exports in May were mainly led by strong overseas order bookings received in March following the Russia-Ukraine conflict.

          Meanwhile, some exports, originally scheduled for April shipments, were postponed to May, due to port logjams caused by the COVID-19 outbreak in China, boosting May numbers.

          As the situation in May remained critical at some major port cities like Shanghai and Tianjin because of the pandemic, steel exports in June could stay relatively high due to some delayed shipments in May, according to sources.