In the first four months of 2021, ASEAN countries increased their imports of almost all steel products from China except heavy wall thickness plate (which thickness 4mm-100mm).
However, considering that China has cancelled the export tax rebate for a series of alloy steel products since May, the further increase in import volume is questioned.
According to the data from Southeast Asian Iron and Steel Institute (SEAISI), from January to April, almost all the flat steel quantity that China exports to ASEAN was increased, while quantity of medium and heavy wall thickness plates fell 65% year-on-year to 1.26 million tons.
The export volume of hot rolled steel coils increased by approximately 133% year-on-year to 2.2 million tons, of which 85% were exports to Vietnam. The export volume of coated steel plates increased by 19% (to 2.4 million tons), of which nearly half was galvanized steel (to 1.04 million tons), cold rolled steel coil quantity that China sales to ASEAN increased by 25% year-on-year to 439,668 tons.
From January to April, the export volume of steel bars increased by 73% year-on-year to 589,713 tons, of which alloy bars accounted for 96%. Half of the alloy steel bars were exported to Singapore (285,009 tons), a three-fold increase over the same period of last year. China's wire rod exports increased by 27% year-on-year to 763,902 tons. The main destinations are the Philippines, Thailand, Vietnam and Indonesia.
The Southeast Asian Iron and Steel Association explained: “Most of the products for which the Chinese Ministry of Finance announced the abolition of export tax rebates are high-value-added alloys]. In this regard, China’s steel exports to ASEAN are likely to decrease since May, when China officially Announced the cancellation of export tax rebates for most steel products such as hot coils, cold plates, color-coated plates, high-alloy rebars and medium and heavy plates.
Post time: Sep-14-2021