China high stock of steel has worried the American and Japanese counterparts

Compared with the relatively "calm" performance of the increasing steel inventory at home, the foreign steel industry has expressed uneasiness about this. The U.S. steel industry turned to the U.S. Congress for help, demanding to oppose any relaxation of steel tariffs; Japanese steel companies warned of the risk that if China could not consume too much inventory at home, it might export to foreign countries at a low price.

However, from the data point of view, it seems that Japan's steel industry has started to "trade price for quantity" in terms of steel exports. According to the data of Japan's Ministry of finance, in the first two months of this year, Japan exported 5.758 million tons of steel, up 21% year-on-year; however, the export volume only increased 2.4% year-on-year, and the average export price fell 15% year-on-year. In the first two months, China's steel exports fell by 27% year-on-year, the export volume fell by 27.5% year-on-year, and the average export price only fell by 0.7%.

On the U.S. side, the American Iron and Steel Industry Association (AISI) recently issued an open letter to members of the U.S. House of representatives in charge of trade and steel issues. AISI said the novel coronavirus pneumonia epidemic is spreading to increase the global steel production overcapacity, which may lead to a sharp increase in U.S. steel exports and undermine the U.S. steel industry and national security.

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