China’s steel exports hike in 2023 y-o-y, export market to remain resilient in Q1 2024
Time:Sun, 18 Feb 2024 11:06:50 +0800
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According to data from the China Iron and Steel Association, in 2023, China’s steel products exports soared year on year to about 90.26 million tons. Meanwhile, steel product imports dramatically dropped year on year to around 7.65 million tons.
In the fourth quarter of 2023, because of the impact of China’s government issuance of additional public CNY 1 trillion bonds, the domestic steel prices went up. Besides, the appreciation of the Chinese Yuen led to export price increases as well. With the start of the first quarter of 2024, because of the Lunar New Year, the export market might be impacted. However, the domestic steel prices still remained competitive, which will further make the export market remain resilient.
