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China's steel sector maintained its vitality during the January-February period

According to data released by the National Bureau of Statistics (NBS), China's steel sector recorded significant increases in both production and exports during the January-February period. However, a decrease was observed in imports.

China's steel sector maintained its vitality during the January-February period

Coke production saw a year-on-year increase of 2.1%, reaching 80.39 million tons. Meanwhile, crude steel production rose by 1.6% year-on-year to 167.96 million tons. The average daily crude steel production for the first two months showed a notable increase of 28.7% compared to December of the previous year, reaching 2.80 million tons.

Pig iron production experienced a slight decrease of 0.6% compared to the previous year, totaling 140.73 million tons. However, daily production saw a significant increase of 19.5% compared to December of the previous year, reaching an average of 2.35 million tons.

Final steel production surged by 7.9% year-on-year during the January-February period, reaching 213.43 million tons.

China's steel exports soared by 32.6% year-on-year in the January-February period, reaching 15.9 million metric tons. Conversely, steel imports experienced an 8.1% year-on-year decrease, dropping to 1.1 million metric tons. The average export price witnessed a decrease of $374.2 per metric ton compared to the previous year, reaching $791.7 per metric ton, while the average import price decreased by $91.7 per metric ton to $1,650.8 per metric ton.

The stocks of major steel producers increased by 8.35% compared to the end of February, reaching 19.5 million metric tons.

The developments in China's steel sector during the January-February period indicate that the industry has maintained its vitality due to robust domestic demand and increased exports. However, uncertainties in the global steel market and heightened competition have led to a decrease in prices.

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