According to data, exports to the EU rose by 70% compared to 2022, reaching 624,051 tons. This surge significantly boosted China's export volume, making the EU a major market for slab exports.
The increase in China's slab exports to the EU can be attributed to various factors, including reduced supply from Russia and Ukraine and continued production in China.
Italy, in particular, emerged as the primary destination for China's slab exports. Italy's imports of Chinese-origin slabs saw a remarkable increase last year, reaching 563,421 tons. This marked a substantial rise from 309,365 tons in 2022 and nearly zero levels in 2021. Before the onset of the Covid pandemic in 2019, Italy's imports of slab from China were only at 24 tons. With the onset of the Ukraine conflict, Italian buyers turned to purchasing slabs from Asia, especially China.
According to a trade source based in ASEAN, Chinese suppliers preferred exporting slabs to the EU due to the decrease in hot-rolled coil prices in Asia last year.
However, there is a risk of China imposing restrictions on semi-finished exports. If this were to occur, slab exports to the EU could decline.
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