China exported $2.3bn worth of iron and steel in August but imported $4bn worth of the material during the same month, according to China Customs Statistics (CCS). The data pegged exports at 57.5pc of import value in August.
The Asian nation imported $22bn in iron and steel in the first eight months of the year and exported $21.7bn worth of the material. Imports increased by 52pc while exports decreased 21.2pc against the same eight-month period in 2019.
Articles of iron and steel imported into the country were 12.7pc of the export value in August with shipments of the products to China valued at $789mn in August compared with $6.2bn in exports in the same month.
Between January-August, China’s imports of iron and steel products decreased by 6.5pc to $6bn while exports declined by 3.2pc to $43.7bn. China’s base metals and articles of base metal imports were at $11.8bn in August as exports in the same month were $14.8bn.
In the first eight months of the year, metal imports increased by 13.9pc to $71.6bn compared with the same period in 2019 while exports during the same period under comparison decreased by 10pc to $109bn. As a result, imports were pegged at 79.7pc of exports in the January-August 2020 period.
Ores, slag, and ash imports in August were valued at $15.4bn compared to $160.3mn in imports. In January-August the category’s imports rose by 1pc to $108.2bn compared with January-August 2019, while exports increased by 28.9pc to $1.2bn during the same period under comparison.