Chinese steel market is under severe pressure from growing concerns about steel demand recovery as a rise in COVID cases sweeps through the country, amplifying the seasonal slowdown in steel demand & the sluggish real estate sector. According to data from the National Bureau of Statistics, China produced 90.73 million tonnes of steel in June 2022, down 3.3% YoY as several mills idled production facilities or placed them under maintenance earlier than usual due to weak margins and high inventories. In the first half of 2022, China made 526.8 million tonnes of steel, down 6.5% YoY. General Administration of Customs of China’s latest data shows that China’s iron ore imports, steel exports & steel imports have declined in January-June 2022.Iron Ore Imports – 535.75 million tonne, down 5.1% YoYSteel Exports - 33.46 million tonne, down 10.5% YoYSteel Imports – 5.78 million tonne, down 21.5% YoYJune 2022Iron Ore Imports – 88.97 million tonne, down 3.8% MoM & 0.5% YoYSteel Exports - 7.56 million tonne, down 2.6% MoM but up 17.0% YoYSteel Imports – 0.79 million tonne, down 1.9% MoM & 36.8% YoY
Chinese steel market is under severe pressure from growing concerns about steel demand recovery as a rise in COVID cases sweeps through the country, amplifying the seasonal slowdown in steel demand & the sluggish real estate sector. According to data from the National Bureau of Statistics, China produced 90.73 million tonnes of steel in June 2022, down 3.3% YoY as several mills idled production facilities or placed them under maintenance earlier than usual due to weak margins and high inventories. In the first half of 2022, China made 526.8 million tonnes of steel, down 6.5% YoY. General Administration of Customs of China’s latest data shows that China’s iron ore imports, steel exports & steel imports have declined in January-June 2022.Iron Ore Imports – 535.75 million tonne, down 5.1% YoYSteel Exports - 33.46 million tonne, down 10.5% YoYSteel Imports – 5.78 million tonne, down 21.5% YoYJune 2022Iron Ore Imports – 88.97 million tonne, down 3.8% MoM & 0.5% YoYSteel Exports - 7.56 million tonne, down 2.6% MoM but up 17.0% YoYSteel Imports – 0.79 million tonne, down 1.9% MoM & 36.8% YoY
