China’s steel exports exceeded 100 mln tons in the first 11 months of 2024, marking the first time since 2016, according to data from the General Administration of Customs.
The last time China’s annual steel exports surpassed this milestone was in 2016, with 106 mln tons, following the record high of 110 mln tons in 2015. Annual export volumes had remained below 100 mln tons until this year, and 2024 is on track to potentially exceed the 2015 record.
From January to November 2024, steel exports rose 22.6pct YoY to 101.15 mln tons, compared to 90.3 mln tons during the same period in 2023.
In November 2024, steel exports reached 9.28 mln tons, a 15.9pct increase YoY. However, this marked a 17pct decline from October’s nine-year high of 11.18 mln tons.
China imported 473,000 tons of finished steel in November, down 22.5pct YoY and 11.8pct from the previous month. Total imports for the January-November period fell 11.3pct YoY to 6.19 mln tons.
Iron ore imports during the first 11 months of 2024 rose 4.3pct YoY to 1.124 bln tons. In November, however, imports declined slightly to 101.86 mln tons, down from 102.7 mln tons in November 2023 and a 1.9pct decrease from the previous month.
