In August 2024, China's steel exports increased by 21.3% compared to the previous month and 14.7% compared to the previous year, reaching 9.5 million tons. In the January-August period of 2024, steel exports increased by 20.6% compared to the same period last year, reaching 70.58 million tons, the highest level since 2016.
China's steel imports in August amounted to 509 thousand tons, an increase of 0.8% compared to July and a decrease of 20.4% compared to August 2023. In the first eight months of 2024, imports decreased by 8.4% compared to the previous year, reaching 4.63 million tons.
Iron ore imports to China fell by 1.4% m-o-m and 4.7% y-o-y to 101.4 million tons in August. This decline is attributed to falling steel prices and a lack of demand. Iron ore imports in the first eight months of 2024 increased by 5.2% y-o-y to 814.95 million tons.
The recent shift in the steel market, driven by new quality requirements and subsequent panic selling, has negatively impacted market sentiment. This has led many steelmakers to reduce production, reduce consumption of raw materials such as iron ore, and put many plants under maintenance.
Steel producers are being more cautious about imports due to high port inventories and uncertainty about demand during the busy construction season.
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