News Global Market China 08 March 2023
The import of rolled steel fell by 44.2% in the first two months
In January-February 2023, China increased the export of rolled products by 49% compared to the same period in 2022 – up to 12.2 million tons. This is evidenced by preliminary data of the Main Customs Administration of the country, informs SteelOrbis.
At the same time, in the first two months of 2023, China reduced the import of rolled products by 44.2% compared to the same period of the previous year – to 1.23 million tons.
In general, Chinese exports in January-February 2023 decreased by 6.8% in monetary terms compared to the same period in 2022 – to $506.3 billion. At the same time, imports in this period decreased by 10.2% y/y – to $389.4 billion.
As GMK Center reported earlier, in 2022, China reduced the import of finished steel by 25.9% compared to 2021 – to 10.57 million tons. Thus, the import of steel products into the country fell to a minimum since 1993, said He Wenbo, executive chairman of the China Iron and Steel Association (CISA). In 2022, compared to the previous year, only the import volumes of cold-rolled sheet and extra-thick steel sheet increased.
Also, the gross profit of Chinese steel companies in 2022 has decreased by 91.3% compared to 2021 – to 36.55 billion yuan ($5.4 billion). The fall in the profits of China’s iron and steel companies was caused by the unfavorable situation in the world market and the strict measures of the authorities to prevent the spread of the coronavirus.