In 2023, China (mainland China only, the same below) imported 7.645 million tonnes of steel, down 27.6% year-on-year; the average unit price of imports was US$1,658.5 per tonne, up 2.6% year-on-year; and 3.267 million tonnes of imported billet, down 48.8% year-on-year.
China exported 90.264 million tonnes of steel, up 36.2% year-on-year; the average unit price of exports was US$936.8 per tonne, down 32.7% year-on-year; 3.279 million tonnes of billet were exported, up 2.525 million tonnes year-on-year. In 2023, China's net crude steel exports of 85.681 million tonnes were up 33.490 million tonnes year-on-year, an increase of 64.2%.
In December 2023, China imported 665,000 tonnes of steel, up 51,000 tonnes from a year earlier and down 35,000 tonnes year-on-year; the average unit price of imports was US$1,569.6 per tonne, down 3.6% from a year earlier and down 8.5% year-on-year. China exported 7.728 million tonnes of steel, a decrease of 277,000 tonnes from the previous year and a year-on-year increase of 2.327 million tonnes; the average unit price of exports was US$824.9 per tonne, up 1.7% from the previous year and down 39.5% year-on-year.
China's steel exports ranked fourth in 2023
In 2023, China's steel exports grew sharply year-on-year, at the highest level since 2016. In December 2023, our exports to major regions and countries generally declined, but exports to India grew.
Hot rolled steel coil and galvanised steel plate coil export volume and increase significantly.
In 2023, from the point of view of total exports, coated sheet, medium-thickness wide steel strip, hot rolled thin and wide steel strip, galvanized steel plate coil, and seamless steel pipe for the export volume of the top six categories of varieties, accounting for a total of 60.8% of the total export volume. 22 categories of steel varieties, except for the cold-rolled steel thin plate, electrical steel plate and cold-rolled narrow strip steel exports fell year-on-year, the other 19 categories of varieties are year-on-year growth.
From the point of view of export increment, hot rolled steel plate, coated plate export volume and increased significantly. Among them, exports of hot rolled coil 21.180 million tonnes, an increase of 9.675 million tonnes, an increase of 84.1%; exports of coated plate 22.310 million tonnes, an increase of 4.197 million tonnes, an increase of 23.2%. In addition, the export volume of steel bars and thick steel plates increased by 145.7% and 72.5% year-on-year respectively.
In 2023, China exported 4.137 million tonnes of stainless steel, a year-on-year decline of 9.1%; exported 8.979 million tonnes of special steel, a year-on-year increase of 16.5%.
In December 2023, from the point of view of total exports, the export volume of coated sheet, medium-thickness wide steel strip and hot-rolled thin wide steel strip were all above 1 million tonnes, accounting for 42.4% of total exports together. From the point of view of export changes, the decrease mainly came from coated plates, wire rods and bars, down 12.1%, 29.6% and 19.5% respectively from the previous month. In December 2023, China exported 335,000 tonnes of stainless steel, down 6.1% from the previous month, and exported 650,000 tonnes of special steel, down 15.2% from the previous month.
In addition to the EU, China's steel exports to major regions have increased significantly.
In 2023, from the perspective of major regions, China's steel exports to major regions increased significantly, except for a 5.6% year-on-year decline in exports to the EU. Among them, 26.852 million tonnes were exported to ASEAN, a year-on-year increase of 35.2%; 18.095 million tonnes were exported to the Middle East and North Africa (MENA), a year-on-year increase of 60.4%; and 7.606 million tonnes were exported to South America, a year-on-year increase of 42.6%.
From the perspective of major countries and regions, China's exports to India, the United Arab Emirates, Brazil, Vietnam, and Turkey, the year-on-year increase of more than 60%; exports to the United States 845,000 tonnes, a year-on-year decline of 14.6%.
In December 2023, China's exports to major regions and countries fell back from a year earlier, exports to the EU declined significantly, down 37.6% to 180,000 tonnes from a year earlier, with the reduction mainly coming from Italy; exports to ASEAN amounted to 2.234 million tonnes, down 8.8% from a year earlier, accounting for 28.9% of the total exports.
From the perspective of major countries and regions, exports to Vietnam, South Korea, the United Arab Emirates, Saudi Arabia and other exports fell by about 10% YoY; exports to India rose 61.1% YoY to 467,000 tonnes, rising to a stage high.
China's steel imports fall sharply year-on-year in 2023
In 2023, China's steel imports fell sharply year-on-year, and single-month imports remained at a low level of 600,000 tonnes to 700,000 tonnes.In December 2023, China's steel imports rebounded slightly, and imports of the main varieties and the main regions all rebounded.
In addition to extra-thick plates, imports of other steel varieties are on a downward trend.
In 2023, from the point of view of total imports, cold rolled sheet, plated sheet, and medium plate imports ranked in the top three, accounting for a total of 49.2% of total imports. From the point of view of import changes, in addition to the growth in imports of extra-thick plate, imports of other steel varieties are on a downward trend, of which 18 varieties decreased by more than 10%, 12 varieties decreased by more than 20%, rebar, railway materials decreased by more than 50%.2023, China's imports of 2.071 million tonnes of stainless steel, a year-on-year decrease of 37.0%; imports of 3.038 million tonnes of special steel, a year-on-year decrease of 15.2%.
In December 2023, from the point of view of total imports, cold rolled sheet, coated plate, medium plate, and medium-thickness wide steel strip imports ranked in the top four, accounting for a total of 63.2% of total imports. From the point of view of import changes, in the import volume of larger varieties, in addition to the plating plate imports fell back from the ring, the other steel varieties imports are different degrees of growth, of which the medium plate increased by 41.5%.2023 December, China's imports of stainless steel were 268,000 tonnes, an increase of 102.2%; imports of special steel were 270,000 tonnes, an increase of 20.5%.
Later Prospect
In 2023, China's steel import and export trend divergence, exports increased significantly, imports fell sharply, and domestic and international steel market stage development is closely related to the import and export products reflecting structural changes. 2023, the fourth quarter, domestic steel prices rose, along with the continued appreciation of the renminbi, led to higher export quotes. 2024, the first quarter, the Chinese New Year and other factors will be a certain impact on the steel exports. Impact, but domestic steel still has a price advantage, the enterprise export willingness is stronger, is expected to steel exports remain resilient, and imports run low. It should be noted that, in 2023, China's steel exports increased significantly, is expected to account for more than 20% of the proportion of global trade or become the focus of attention to the trade protection of other countries, we need to be vigilant about the risk of trade friction exacerbation.
Post time: Feb-26-2024