China increased its exports of rolled products from January to February 2023 by 49% over the corresponding period in 2022, reaching 12.2 million tons.
At the same time, in the first two months of 2023, China reduced the import of rolled products by 44.2% compared to the same period of the previous year - to 1.23 million tons.
As of February 24, the ten major Chinese ports had 97.18 million mt of iron ore in their inventory, an increase of 8.9% month over month. The four major varieties saw an increase in stock.
Lump and pellet inventories increased 5.7% and 16.4%, respectively, to 15.43 million mt and 5.81 million mt.
Chinese exports overall fell to $506.3 billion in January-February 2023 from $507.3 billion in the corresponding period in 2022, a 6.8% decrease in dollars. The amount of imports during this time period fell by 10.2% year over year to $389.4 billion.
The profits of steel mills have slightly recovered in terms of the industrial chain. Steel mills are generally cautious when making purchases due to the increase in ore prices.
Chinese steel companies' gross profit in 2022, which was 36.55 trillion yuan ($5.4 billion), was 91.3% lower than in 2021.
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