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Chinese steel exporters chase new buyers in Africa and South America - Report

Add Time:2018-06-07 19:37:00 Clicks:

Steel News - Published on Thu, 07 Jun 2018

Image Source: RT.com
Reuters reported that Chinese steelmakers are seeking new export destinations in Africa and South America as shipments to their biggest overseas buyers in Southeast Asia fall by double digits, with new US trade actions threatening to kill off some markets entirely. Steven Yue, sales manager at Hebei Huayang Pipeline Co, a Chinese exporter of steel pipes, said “The Southeast Asian market is getting crowded. More and more people are seeking to find new markets, especially in South American and African countries. We plan to work harder to develop the South American and African market from the second half of this year.”

South America and Africa accounted for a combined 8 percent of China’s steel exports last year, and shipments to some nations there have surged this year. Southeast Asia accounted for a quarter of China’s exports last year, but were down 45 percent from the year before, and slipped by a third in the first quarter of 2018

While China’s steel exports hit an eight-month high in April, shipments for the first four months of the year dropped by 20 percent, although falling only 2.5 percent in value. Shipments to China’s top markets, including Vietnam and South Korea, have dropped by double digits since last year, reflecting stiffer competition from other suppliers like Russia. Anti-dumping duties imposed by Southeast Asian buyers like Thailand, Vietnam, Indonesia and Malaysia on Chinese steel exports have also slowed shipments from Beijing.

Last month, the US Commerce Department slapped heavy import duties on steel products from Vietnam it says originated in China, hitting China’s No 2 export market after South Korea, and a major outlet for sales by Chinese mills that own warehouses in Vietnam. Vietnam said its steel companies would likely stop buying the metal from China to avoid having their shipments to the United States penalized.

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