China's API 5L X42 plates exports in the first quarter turn down to up

In the first quarter of this year, China's API 5L X42 plates etc. steel exports turn down to up, basically in line with expectations. According to statistics from the General Administration of Customs, in the first two months of 2021, the country exported 10.14 million tons of API 5L X42 plates etc. steel, an increase of 29.9% year-on-year. While direct steel exports turned down to rise, indirect steel exports grew even stronger. According to statistics from the General Administration of Customs, in the first two months of this year, China's exports of mechanical and electrical products increased by 54.1% year-on-year, accounting for 60.3% of the total export value. Among them, the export of automobiles (including chassis) increased by 93.4% year-on-year, the export of loaders increased by 44%, and the export of excavators increased by 60.7%. It is expected that in the first quarter, national steel exports (direct exports) will increase by more than 20% year-on-year, and indirect steel exports will increase by more than 50% year-on-year, showing a strong growth situation.

In the first quarter, China's API 5L X42 plates etc. steel exports turned down to up, and the growth momentum was strong. The main factor was that the recovery of the world economy exceeded expectations and demand increased significantly. At the same time, the epidemic caused the recovery of manufacturing industry to lag behind consumption, resulting in an enhanced substitution effect of China's exports.