Dec. 1 MetalBiz--Affected by overproduction in the domestic steel production and shortage in demand, the steel imports at Tianjin port in January-October plunged. According to the latest data of customs, during the January-October period, steel imports were 842,000 tons at Tianjin port with the value U.S.$1.68bln, sinking by 10.9% and 23.8% versus the same period of last year.
In January-October of this year, steel imports by way of common trade through Tianjin were 733,000 tons, accounting for 87.1% of total steel imports at Tianjin port. During January-October, Steel imports from S. Korea through Tianjin port was 358,000 tons, from Japan for 262,000 tons, both of them takes up 73.6% of the total steel imports at Tianjin port.
In the main reasons caused the steel import decline in Tianjin port for January-October, Tianjin customs believed that the contraction between the domestic steel overproduction and the sluggish demand is the main reason. Due to the continuous influence on China’s overall economy from the global financial crisis, the main industries in steel downstream suffered a lot, and the demand for steel products remains weary. In the meantime, the overproduction in the domestic steel market and oversupply is also the foremost reason bringing about the reduction in steel imports.
The blocked steel exports depressed the steel imports. Since 2009, EU had imposed twice anti-dumping tax on China’s seamless steel pipes in April and October this year, which the exports of China’s advantaged steel products sustained a beat, meanwhile, with the consecutively spreading of the global financial crisis, steel demand in the international market was weak in succession, steel price also straight slid, the significant reduction in the overseas steel product price make China’s steel products lose the export advantages. Affected by this, it is difficult for China steel products to find way out in the international market, and thus turning to the domestic market, which is another reason restraining the steel imports.
