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China's steel companies raised steel exports by 24.7% compared to the same period in 2023, to 44.7 million tonnes in January-May 2024. In monetary terms, exports dropped by 11.5% y/y.
Imports of steel products for 5 months fell by 2.7% compared to January-May 2023 – to 3.04 million tonnes. Iron ore imports reached 513.75 million tonnes, jumps 7% y/y.
Chinese steel producers exported 9.63 million tonnes of steel in May of this year, a 4.4% monthly surge. At -2.2% m/m, the average export price was $761/t.
Steel imports dropped by 3.2% m/m to 637 thousand tonnes, and iron ore imports dropped by 0.2% m/m to 102.03 million tonnes in May. The average import price of iron ore amounted to $105.7/t (-6.5% m/m).
China’s steelmakers continue to export aggressively, despite the imposition of anti-dumping restrictions and investigations against Chinese products by many countries.
At the same time, against the backdrop of declining export revenues, the National Development and Reform Commission of China has stated that exports of products with low added value and high energy consumption will be restricted. This will also apply to pig iron and coke.
Chinese steelmakers are facing the problems of falling domestic demand for steel and certain threats to growing exports. This year, steel consumption in China will decline again, as the protracted real estate crisis has not yet reached the bottom and infrastructure demand growth is slowing.
Thus, the country is returning to the practice of regulating steel production to change the dynamics of the value chain. In 2023, China produced 1.019 billion tonnes of steel, up 0.6% from 2022. The downward trend in the country’s steel industry has stopped after two consecutive years of declining production.
Last year, exports of steel products fell by 36.2% compared to 2022, to 90.3 million tonnes. Steel imports to China amounted to 7.64 million tonnes, down 27.6% y/y. Iron ore imports for the year increased by 6.6% compared to 2022 – to 1.179 billion tonnes.
Also Read : China to limit exports of aviation and aerospace equipment China’s Steel Output to Drop 4% in 2025 Amid Real Estate Slump and Green Targets
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