China's steel exports climbed by 24% y/y in Jan-Jun

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China's steel exports climbed by 24% y/y in Jan-Jun

Ferrous 12 Jul 2024 05:42 PM IST GMK Centre

The China Steel Association (CISA) claimed that Chinese steel companies increased steel exports by 24% from January to June 2024, reaching 53.4 million tonnes (MT). Steel product imports fell by 3.3% to 3.62 MT over six months, compared to January to June 2023. Imports of iron ore increased 6.2% year over year to 611.18 MT.

In June, Chinese steelmakers exported 8.74 MT of steel, a 9.2% decrease from the previous month. The average export price was $772.6 per tonne. Steel imports declined by 9.7% m/m in June, at 575 thousand tonnes. At $1.61 thousand, the average import price was found.

China imported 97.61 MT of iron ore last month, a 4.3% decrease from May. The average import price was $107.3/t.

According to BigMint, China’s indirect steel exports are expected to grow 9% in 2024 compared to 2023 127 MT. 2023 this figure was 116 MT. Supporting factors include high automotive exports, shipbuilding growth, energy transition, and demand for machinery from Russia.

As a reminder, in 2023, China increased its exports of steel products by 36.2% compared to 2022, to 90.3 MT. Steel imports to China amounted to 7.64 MT, down 27.6% year over year. Ore imports for the year increased by 6.6% compared to 2022, to 1.179 billion tonnes.

In 2023, China produced 1.019 billion tonnes of steel, up 0.6% from 2022. After two consecutive years of declining production, the country’s steel industry has stopped its downward trend.

Also Read : India's trade imbalance in steel climbs as Chinese imports spike, exports drop India’s steel exports fall by 38%; imports gain 13%

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China's steel exports climbed by 24% y/y in Jan-Jun

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