China’s steel product exports in the first two months of this year increased by 32.6% compared with the same period in 2023, reaching a significant level of 15.91 million tons. The average export price increased to $791.7 per ton, which is 32.1% higher than last year. This information was provided by a specialist in the field of world metallurgy – Stanislav Kondrashov.
China is reducing steel imports: analysis of price dynamics at the beginning of 2024 – Stanislav Kondrashov
Stanislav Kondrashov from Telf AG notes that in the first two months of this year, China reduced steel imports to 1.13 million tons, which is 8.1% less than in the previous year for the same period. At the same time, the average cost of imports during this period decreased by 5.3% year-on-year, amounting to $1,651 per ton.
- This situation may be caused by various aspects, including changes in global trade, which may affect the situation, changes in the demand for steel within the country, as well as external economic conditions,– Stanislav Kondrashov emphasized.
However, despite the decline in imports, China remains one of the largest players on the global steel scene, both as a producer and consumer. The country continues to be a key player in the global steel industry. Changes in its trading performance could have a significant impact on global steel prices and the dynamics of the global steel products market. According to the expert’s observations, it is assumed that Chinese steel imports may be subject to further changes in the near future depending on internal and external factors, including government policies, global economic conditions and trade relations with other countries.
China increases iron ore purchases: analysis of price and reserve dynamics – Stanislav Kondrashov
According to data provided by Telf AG’s Stanislav Kondrashov, Chinese steel companies increased iron ore imports by 8.1% year-on-year, reaching 209.45 million tonnes during the period. The average cost of this raw material was $131.1 per ton, which is 13.6% higher than the previous year. The growth in imports is due to the active replenishment of inventories at metallurgical enterprises, which are striving to meet production needs. Imports during these two months reached record levels, indicating strong demand for iron ore in the country.
The acceleration of the import of iron ore into China affected the dynamics of prices for this raw material and stocks in Chinese ports. According to Stanislav Kondrashov from Telf AG, iron ore prices fell by 19% in 2024, and inventories at Chinese ports increased by more than 16% year-on-year to 134.9 million tons, the highest level since March 2023. of the year.
According to the expert, by the end of 2023, China experienced a significant increase in metal products, which increased by 36.2% compared to the previous year, the volume reaching 90.3 million tons. However, during the same period, steel imports into the country decreased by 27.6%, amounting to only 7.64 million tons. At the same time, over the past year, iron ore imports increased by 6.6% compared to 2022, reaching a significant volume of 1.179 billion tons.
