China remained a net importer of steel in July by some margin. Although exports recovered from June, imports also increased with material from South and Southeast Asia leading the increases, especially Indian HRC, Kallanish notes.

China exported 4.176 million tonnes of steel in July, 12.76% higher than June but still down -25.08% on-year, according to detailed customs data. That brought exports over the first seven months of 2020 to 32.896mt, down -20.35% y-o-y. 

The recovery in July was driven by steadier volumes to Southeast Asia, which gained 16.81% m-o-m to 1.43mt but were still down 20.09% y-o-y. Total flat product exports were up 15.7% m-o-m but down -19.2% y-o-y at 2.55mt in July. Long products continued to bear the brunt of export weakness, with July exports up 17.9% m-o-m but down 34.5% y-o-y at 899,566t.