In 2022, China’s demand for and production of shipbuilding steel increased significantly, with the overall production of shipbuilding steel exceeding 12 million mt, up 22.4 percent year on year, the first time it exceeded 10 million mt since 2017, as announced by the China Association of the National Shipbuilding Industry (CANSI). In particular, the demand for shipbuilding steel plate amounted to 10.2 million mt, up 24.4 percent year on year, while demand for shipbuilding steel sections reached 1.0 million mt, up 11.1 percent year on year, and demand for other shipbuilding steel products totaled 0.8 million mt, up 14.3 percent year on year.
At the same time, the production of shipbuilding steel plate in China increased sharply, with the average monthly production of steel plate in China in 2022 amounting to 1.006 million mt, reaching the highest level over the past seven years. In 2022, the overall production of shipbuilding steel plate in China reached 11.91 million mt, up 31.2 percent year on year.
Meanwhile, CANSI has forecast that China’s demand for shipbuilding steel plate will remain at high levels in the coming years, reaching 12-13 million mt per year.
However, shipbuilding steel plate prices will remain stable in the coming years as supplies of raw materials, including iron ore, coke and scrap will be sufficient, which will weaken the support for steel prices, while firm demand for shipbuilding steel plate will bolster prices, which thereby are unlikely to decrease sharply. It is thought that shipbuilding steel plate prices will likely fluctuate within a limited range in the coming years.