According to General Administration of Customs data, China's steel exports rose by 10.2% MoM to 4.85 million tonnes in December 2020 but down 3.6% YoY. However, Chinese steel exports in 2020 fell by 16.5% to 53.68 million tonnes. On the other hand China imported 1.375 million tonnes of finished steel, down 7.1% YoY & 25.8% MoM. China imported 20.233 million tonnes of finished steel in 2020, up by 64% YoY. The figure excludes semi finished products imports, which reached 15.8 million tonnes in the January-October 2020. As a result, total imports of steel products are expected to be definitely above 35 million tonnes for the whole of 2020, boosted by strong local consumption and the difference between local and international prices especially in the middle of the year.
China’s iron ore imports at 96.75 million tonnes in December 2020 were down 1.4%% MoM & 4.5% YoY. But China’s iron ore imports hit a record high in 2020, up by 9.5% YoY to 1.17 billion tonnes beating annual imports of 1.069 billion tonnes in 2019 and the previous record of 1.075 billion tonnes set in 2017.