Steel exports from China in January-September 2024 increased by 21.2% compared to the same period in 2023 and amounted to 80.71 million tons. This figure is the highest in the last 8 years.
In September, steel exports from China reached 10.15 million tons, up 6.9% month-on-month and 25.9% year-on-year. At the same time, export revenue in January-September decreased by 5% compared to the same period in 2023 - to $65.4 billion, which indicates a decrease in average steel prices for this period.
October 11, the China Iron and Steel Association (CISA) discussed with major Chinese steel producers the issues of further regulation of steel exports with VAT evasion, a possible tax deduction for the export of high-quality steel and restrictions on curbing the export of low-quality steel.
Iron ore imports into China in September 2024 increased by 2.7% m/m and 2.9% y/y to 104.1 million tons. Over 9 months, the figure reached 918.9 million tons, an increase of 4.9% y/y. The value of imports increased by 4.1% y/y to $102.6 billion.
Steel imports to China in September amounted to 554 thousand tons (+8.8% mom; -13.4% y/y). In January-September, import volumes decreased by 9% y/y - to 5.2 million tons, and the value of imports decreased by 9.8% y/y - to $8.7 billion.
As previously reported by the GMK Center, in 2023 China increased its exports of steel products by 36.2% compared to 2022, to 90.3 million tons. China's steel imports totaled 7.64 million tons, down 27.6% YoY. Ore imports for the year increased by 6.6% compared to 2022 - to 1.179 billion tons.
In 2023, China produced 1.019 billion tons of steel, up 0.6% from 2022. The downward trend in the country's steel industry has ended after two consecutive years of production decline.
