China's steel exports surged by 24% year-on-year in the first half of 2024, reaching 53.4 million tons. This strong performance highlights China's pivotal role in the global steel market and its growing influence as a major exporter.
During this period, China's imports of steel products decreased by 3.3% year-on-year to 3.62 million tons, while iron ore imports rose by 6.2% to 611.18 million tons.
In June 2024, Chinese steelmakers exported 8.74 million tons of steel, down 9.2% month-on-month, with the average export price at $772.6 per ton (-1.6% m/m). Steel imports in June fell by 9.7% month-on-month to 575,000 tons, while iron ore imports reached 97.61 million tons, down 4.3% compared to May.
China's indirect steel exports are expected to grow by 9% in 2024 compared to 2023, reaching 127 million tons, supported by factors such as high automotive exports, shipbuilding growth, energy transition, and demand from Russia.
In 2023, China increased its steel exports by 36.2% to 90.3 million tons, while steel imports fell by 27.6% to 7.64 million tons. Iron ore imports for the year rose by 6.6% to 1.179 billion tons. China's steel production reached 1.019 billion tons in 2023, up 0.6% from 2022, ending a two-year trend of declining output.