China steel exports all time high in FY 2023

 China is the leading steel exporting country in the world.  According to the China customs data reports, around 68 million metric tonnes of finished steel was exported from China during 2022. Annually, China's steel exports are growing at the rate of 1%.

China import export data records suggest that South Korea was the leading destination for China's steel imports. During 2022, South Korea accounted for over 8.5 million metric tonnes of steel imports from China. South Korea contributed to over 13% share of China's total steel exports.

The Second largest market for China's steel exports was Vietnam. Vietnam covered over 9% share of China's steel exports. Around 6 million metric tonnes of steel was imported by Vietnam from China in FY 2022. Other major markets with the highest share of Chinese steel imports were Thailand (6%), Philippines (5%) and Indonesia (5%).

Although, China is seeing record growth in steel exports in the financial year 2023. Global market trends suggest that during January to May 2023, China's steel exports increased by 43%. China export data shows that steel exports during this period exceeds over 75 million metric tons. Further the forecasts suggest  that it will expand up to 10% at the end of financial year 2023.

During May 2023, China's steel exports had reached its all time high of 8.4 million tonnes. As compared to the same period during last year, it was 27% more. Chinese steel has seen strong demand in Southeast Asian, Africa and the Middle Eastern countries.

For the first quarter, China's steel exports to Southeast Asian countries were around 5.8 MMT followed by Middle East, Africa (5.3 MMT), East Asia (2.7 MMT), Central & South America (1.9 MMT), Europe (0.9 MMT) and North America (0.72 MMT).

Steep production in Asia and Oceania had fallen by 6% in 2023 due to the high energy consumption during steel manufacturing. China's steel prices are quite competitive and this resulted in the increase in China's steel exports.

On the other hand, China's steel imports were down to 25% in 2022. As per China import data reports, China's steel imports were estimated around 39 million metric tons in 2022. The major destinations for steel imports by China were Indonesia, Japan, South Korea, Vietnam and Malaysia. During May 2023, China imported iron and steel mostly from Indonesia, South Korea, Japan, South Africa and Brazil.

Japan and Germany are the major competitors to China in terms of Global steel exports market. Japan held  the second position in terms of global steel exports followed by Russia, South Korea, Germany, Turkey and India. Through a market research platform, steel export companies can expand their business in the global market.

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