China reaches record level in iron ore and crude oil imports in 2023

Last year, China recorded a significant increase, importing 563.99 million metric tons of crude oil, an 11% increase from 2022. In the same period, iron ore imports increased by 6.6%, thanks to the lack of government-mandated steel production ceilings and increased demand.

Tomas Gutierrez, Head of Commodity Data, said, "The increase in China's net steel exports was due to the weakening of domestic demand and the need to ship more steel to overseas markets. There was a significant increase in long products, which was especially negatively affected by the Chinese real estate sector, which was in a difficult situation. However, China's "Net steel exports are expected to decrease in 2024, but are likely to remain above the five-year average."