China’s traders imported square billet in advance as they expected a large-scale production cut in the second half of this year. According to statistics, China’s imports of semi-finished products, mainly for billet, reached 1.3 million tons in June, a month-on-month increase of 5.7%.
China’s measure of steel production cuts started in July was expected to increase steel imports and decrease steel exports in the second half of this year.
Besides, it was rumored that China might further tighten the export policy during the production cut period to ensure steel supply in the domestic market.