Despite declining manufacturing activity globally due to the impact of the epidemic, inflation and geopolitical conflicts, leading to weak overseas steel demand, Chinese steel mills managed to maintain steel exports at elevated levels of monthly average of 6 million tonnes in 2022. According to China's General Administration of Customs latest data, China's finished steel exports totaled 67.32 million tonnes in 2022, up 0.9% YoY as compared to 66.9 million tonnes in 2021, up 25% YoY.During December 2022, China's steel exports totaled 5.4 million tonnes, lower by 3.4% MoM as higher domestic steel prices reduced the competitive advantage Chinese exports normally enjoy. At the same time, overseas buyers gave priority to purchasing local steel that was lower-priced or steel products from other countries.On the other hand China's total finished steel imports reached 10.57 million tonnes in 2022, down by 26% YoY with steel imports in December 2022 shrinking to about 700,000 tonnes of steel products, lower by 7% MoM
Despite declining manufacturing activity globally due to the impact of the epidemic, inflation and geopolitical conflicts, leading to weak overseas steel demand, Chinese steel mills managed to maintain steel exports at elevated levels of monthly average of 6 million tonnes in 2022. According to China's General Administration of Customs latest data, China's finished steel exports totaled 67.32 million tonnes in 2022, up 0.9% YoY as compared to 66.9 million tonnes in 2021, up 25% YoY.During December 2022, China's steel exports totaled 5.4 million tonnes, lower by 3.4% MoM as higher domestic steel prices reduced the competitive advantage Chinese exports normally enjoy. At the same time, overseas buyers gave priority to purchasing local steel that was lower-priced or steel products from other countries.On the other hand China's total finished steel imports reached 10.57 million tonnes in 2022, down by 26% YoY with steel imports in December 2022 shrinking to about 700,000 tonnes of steel products, lower by 7% MoM
