According to the General Administration of Customs of the People's Republic of China, in November 2021, national metallurgical companies exported 4.36 million tons of steel. External supply decreased by 3.1% compared to October and by 0.8% compared to November 2020. Overall, China's steel exports have been falling for the fifth month in a row, driven by restrictive government policies.
At the same time, for a total of eleven months, Chinese metallurgists sold 61.88 million tons of steel products abroad. This is 61,88 million tons more than the same period of the previous year. November marked the first month in 2021 that Chinese steel exports fell behind last year's schedule.
According to Chinese experts, the volume of foreign procurement will remain limited in December. However, later in November, we can expect an increase in the export volume of steel products as Chinese metallurgical companies intensify their activities in overseas markets.
China's finished steel imports in November totaled 1.42 million tons, up 25.7 percent from October, the highest level in 2021. However, within eleven months, China received 13.27 million tons from abroad. Products with 29.6% less than January-November last year.
The sharp increase in China's iron ore imports turned out to be somewhat unexpected for experts. Its volume in December reached 104.96 million tons, the highest level in the last 16 months. According to analysts polled by Reuters, this can be explained by the fact that Chinese metallurgists were quick to take advantage of the sharp fall in iron ore prices in the beginning of autumn and signed several contracts for November delivery.
In total, in January-November 2021, Chinese companies imported slightly less than 1.04 billion tons of iron ore. This was 3.2% less than the same period last year.
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