China's finished steel exports amounted to 90.264 million mt in 2023, increasing by 36.2 percent year on year, according to the latest data released by China's General Administration of Customs (GACC) on January 12. The volume is the highest since 2016, when finished steel exports totaled 108 million mt. The slowdown in local demand and relatively high production levels contributed to the rise.
For 2024, Chinese producers’ plans regarding exports are also ambitious, though some declines are expected. “Mills can’t maintain 90 million mt of exports for a long time, but this year I believe we will still see 80 million mt or a bit higher, which is still far above the previous 2019-2022 levels,” a trader said.
However, some mills are going to further change their strategy in the export markets. “Ordinary products are not our target anymore as the market is destroyed by non-VAT trading whose prices are always low. We need to change strategy to face that, so our target is CRC, plate and other high-end products, where non-VAT sellers are not involved,” a representative of one of the large Chinese mills said.
In December last year, China’s finished steel exports declined by 3.5 percent on month to 7.728 million mt, while indicating a strong rise of 43.1 percent year on year.
In December last year, China’s finished steel imports totaled 665,000 mt, increasing by 8.3 percent month on month, while down five percent year on year. In 2023, China imported 7.645 million mt of finished steel, declining by 27.6 percent year on year.
