MNI BRIEF: China Steel Exports Expected To Decrease In April

China’s steel exports are projected to decline by 10-15% in April due to weak order intake, according to analysts at Shanghai Metals Market on Friday. 

Outbound shipments in March may not significantly fall m/m after reductions to Vietnam were offset by increases to Singapore, South Korea and Japan, the analysts noted.

SMM said Vietnam’s announcement on Feb 21 to impose temporary tariffs on Chinese hot-rolled coil boosted exports until the measures took effect early this month, before leading to a 27.79% m/m fall to the nation in March.

China’s bid to use more scrap steel could reduce iron ore consumption by a greater magnitude than new import volumes expected from high purity Guinean mines set to open later this year, advisors and analysts told MNI. (See MNI: China Looks To Steel Scrap As Iron Ore Diver)