In a remarkable display of industrial strength, China’s steel exports have soared by 24.7% year-on-year in the first five months of 2024, reaching an impressive 44.7 million tons. This surge highlights China's pivotal role in the global steel market and underscores its growing influence as a major exporter.
May 2024 was particularly noteworthy, with Chinese steelmakers exporting 9.63 million tons of steel, marking a 4.4% increase from April. Despite a slight dip in average export prices to $761 per ton, this strong performance reflects the resilience and competitive edge of China's steel industry on the international stage.
Imports of steel products into China also showed positive trends, with iron ore imports rising by 7% year-on-year to 513.75 million tons in the January-May period. This growth in raw material imports supports the expanding production capabilities of Chinese steel producers.
In addition to the export growth, the Kazakh-Chinese grain forum held recently revealed the increasing throughput of Kazakh agricultural products, further bolstering trade relations between China and its neighbors. The establishment of China’s new terminal in the bonded zone of the Alashankou station for unloading grain and vegetable oils is set to enhance logistical efficiency and foster even greater trade volumes.
China’s National Development and Reform Commission is focusing on optimizing exports to ensure sustainable growth. By concentrating on high-value, energy-efficient products, China is poised to continue its upward trajectory in the global steel market.
In 2023, China's steel production reached a remarkable 1.019 billion tons, a 0.6% increase from the previous year, ending a two-year trend of declining output. This growth is complemented by a rise in iron ore imports, which increased by 6.6% to 1.179 billion tons, reflecting the strong demand for raw materials driven by the thriving steel sector.
China's steel industry is set for continued success, as both domestic and international markets recognize the quality and competitive pricing of Chinese steel products. With a strategic focus on enhancing production and export capabilities, China is well-positioned to maintain its leadership in the global steel industry.
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