China's imports dropped in November while exports climbed

In November 2023, the country imported 614,000 tons of steel products, down 8.08% from October. The average import price is assessed at $1,628.2/ton, up 7.3% monthly. From January to November this year, 6.98 million tons of steel products were imported, down 29.2% on year.

China imported 511,000 tons of plate, down 10.6% on a monthly basis, accounting for 83.2% of the total import volume, according to the China Iron and Steel Association. In November, imports of steel products from Japan and South Korea fell 8.2% and 17.6% compared to the previous month, respectively, while Indonesia's imports rose 8.9% on the month. Imports of primary steel products (including steel billets, melted iron, DRI and steel scrap) totaled 370,000 tons in November, 38.9% lower than the previous month.

Chinese steel product exports in November were 8.01 million tons, up 66,000 tons (0.8%) on month and 2.42 million tons (43.2%) on year. The average export price was $810.9/ton, up 2.4% over the month and $947.4/ton, down 38.4% on a yearly basis. Plate exports estimated 5.46 million tons in November, down 0.1% on month, and accounted for 68.2% of total steel product exports.

China exported 2.45 million tons of steel products to the ASEAN countries, up 2.2% monthly, accounting for 30.6% of the total. Exports to India fell 38.3% from October, returning to normal levels from last month's record high. Exports of primary steel products totaled 282,000 tons in November, including billet, up 2.4% from October to 275,000 tons.

Overall growth in Chinese exports of steel products was partly attributed to high price competitiveness. Export prices recovered in November as rising global steel prices and the RMB strengthened against the US dollar, but remained at a relatively low level among major exporters, according to the CISA report. Additionally, China adjusted the tariff sub-items of five steel products on December 28 from last year, setting a solid foundation for imports and exports of steel products in 2024.

It is expected that China's steel exports will exceed 90 million tons in 2023, lower than the export scale in the 2014-2016 period, whereas the import volume is estimated at about 7.60 million tons.