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China Steel Spring Export Price in June 2023-The 24th China(Guangzhou)Int’l Spring Industry Exhibition
8/28/2023 Spring Industry Exhibition |
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In June 2023, the steel spring price amounted to $2,595 per ton (FOB, China), which is down by -2.2% against the previous month. In general, the export price continues to indicate a mild slump. The pace of growth appeared the most rapid in February 2023 an increase of 23% m-o-m. The export price peaked at $3,778 per ton in October 2022; however, from November 2022 to June 2023, the export prices stood at a somewhat lower figure. Prices varied noticeably by the country of destination: the country with the highest price was Vietnam ($4,947 per ton), while the average price for exports to Russia ($2,248 per ton) was amongst the lowest. From June 2022 to June 2023, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+0.8%), while the prices for the other major destinations experienced a decline.
China Steel Spring Export Prices by Type There were significant differences in the average prices for the major types of exported product. In June 2023, the product with the highest price was iron or steel flat spiral or discs springs ($3,786 per ton), while the average price for exports of iron or steel leaf-springs and leaves ($1,685 per ton) was amongst the lowest. From June 2022 to June 2023, the most notable rate of growth in terms of prices was recorded for the following types: metal hot-worked helical spring (-0.8%), while the prices for the other products experienced a decline. China Steel Spring Exports For the third consecutive month, China recorded decline in overseas shipments of steel springs and leaves for springs, which decreased by -1.7% to 25K tons in June 2023. Overall, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2023 when exports increased by 88% m-o-m. In value terms, steel spring exports shrank modestly to $66M (IndexBox estimates) in June 2023. Over the period under review, exports showed a pronounced shrinkage. The pace of growth was the most pronounced in March 2023 when exports increased by 56% m-o-m. China Steel Spring Exports by Type Iron or steel leaf-springs and leaves (13K tons), iron or steel hot-worked helical springs (8.1K tons) and iron or steel flat spiral or discs springs (3.9K tons) were the main products of steel spring exports from China. From June 2022 to June 2023, the biggest increases were in metal spiral or discs spring (with a CAGR of -0.0%), while shipments for the other products experienced a decline. In value terms, iron or steel hot-worked helical springs ($29M), iron or steel leaf-springs and leaves ($23M) and iron or steel flat spiral or discs springs ($15M) were the most exported types of steel springs and leaves for springs from China worldwide. Metal hot-worked helical spring, with a CAGR of -1.7%, recorded the highest growth rate of the value of exports, in terms of the main product categories over the period under review, while shipments for the other products experienced a decline. China Steel Spring Exports by Country The United States (3.7K tons) was the main destination for steel spring exports from China, accounting for a 15% share of total exports. Moreover, steel spring exports to the United States exceeded the volume sent to the second major destination, Mexico (1.5K tons), threefold. The third position in this ranking was taken by Thailand (1.3K tons), with a 4.9% share. From June 2022 to June 2023, the average monthly growth rate of volume to the United States stood at -3.2%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Mexico (+1.7% per month) and Thailand (-3.1% per month). In value terms, the largest markets for steel spring exported from China were the United States ($9.2M), Vietnam ($5.2M) and Mexico ($3.7M), together accounting for 27% of total exports. These countries were followed by Thailand, Malaysia, Russia, Indonesia, South Korea, Australia, Poland, the United Arab Emirates, Iraq and Nigeria, which together accounted for a further 27%. Iraq, with a CAGR of +6.9%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.
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