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Steel & Metal
- China -

Update Of China’s Steel Import and Export to ASEAN (January To October 2023)

China's total finished steel import dropped by 2.7 million tonnes in the first ten months of 2023, while finished steel exports jumped significantly from 52 million tonnes in the same period of 2022 to 71 million tonnes in 2023. The country's import of finished steel to ASEAN-6 countries decreased from 1.7 million tonnes in the first ten months of 2022 to 1 million tonnes in the same period of 2023.

However, exports to ASEAN-6 increased by 5 million tonnes to nearly 20 million tonnes in the first ten months of 2023.China's import of bar and cold rolled sheet/coil from ASEAN-6 countries showed significant changes. Bar import from Malaysia dropped significantly from 435k tonnes in the first ten months of 2022 to 34k tonnes in the same period of 2023. Cold rolled sheet & strips remained significant, with 824k tonnes imported from Indonesia.

China exports various products to ASEAN-6, including rails & accessories, steel sheet piles, sections, bars, wire rods, and flat steel products. Export of rails & accessories doubled in volume to 108k tonnes, mainly to Vietnam, Indonesia, and Malaysia. Steel sheet piles rose 17% y-o-y to 623k tonnes, mainly for on-going land reclamation projects in the Philippines.

China's bar export to ASEAN-6 rose 19% y-o-y to 747k tonnes, with half of the volume being alloyed steel bars. Major markets were Indonesia, Vietnam, and Thailand. Wire rod exports jumped by nearly 600k tonnes to 1.54 million tonnes, with one-third being alloyed wire rods. Major destinations were Thailand, Philippines, Vietnam, Indonesia, and Malaysia.

China's flat steel products export to ASEAN-6 showed significant growth. Hot rolled coil nearly doubled in volume from 3.5 million tonnes in the first ten months of 2022 to 6.2 million tonnes in the same period of 2023. The largest destination was Vietnam, followed by Thailand, Indonesia, Malaysia, and Philippines. Hot rolled plate exports increased 27% y-o-y to 1.4 million tonnes, with Vietnam being the largest destination.
China's export of cold rolled sheets declined slightly, at 4.5% y-o-y to 821k tonnes. Major destinations were Indonesia, Vietnam, Thailand, Malaysia, and Philippines.

The export of coated sheet, mainly for construction usage, showed significant growth. Galvanized sheet exports jumped from 2.1 million tonnes in the first ten months of 2022 to 2.6 million tonnes in the same period of 2023, with Thailand being the largest market. Color coated sheet exports surged by 100k tonnes to 1.3 million tonnes, with major destinations being Philippines, Thailand, Indonesia, and Vietnam.

China's export of other coated sheet increased 13% y-o-y to 584k tonnes, with major destinations being Thailand and Indonesia. Galvalume sheet exports rose moderately, by 7% y-o-y to 547k tonnes, mainly to Indonesia and Philippines. Tinplate/tin free exports stagnated at 385k tonnes, with China sending it to various countries in ASEAN-6.

China's high steel output amidst slack demand led to inventory excesses, prompting steel mills to explore overseas markets. ASEAN, with significant growth in steel demand for the construction sector, has become an export target for China. The Southeast Asian Iron and Steel Institute (SEAISI) is monitoring China's export to ASEAN and will keep members posted occasionally.

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