In July 2024, China experienced a notable decrease in finished steel exports, which fell to 7.827 million metric tons, marking the second lowest level of the year. This decline of 10.5% from June's figures and a significant 20.8% drop from the peak of 9.888 million metric tons in March illustrates a continued downward trend. Despite this decrease, the volume of exports remains 7.1% higher compared to the same month in 2023, as revealed by the customs data published on August 7, 2024.
For the first seven months of 2024, China’s finished steel exports reached 61.227 million metric tons, a substantial increase of 21.8% or 10.953 million metric tons compared to the corresponding period in 2023. This impressive growth underscores China's strong export performance over the year, despite the recent monthly decline. The substantial year-to-date increase highlights the ongoing global demand for Chinese steel products, even as month-to-month variations reflect market volatility.
In contrast, July also saw a continuation of declining steel imports, which fell to 505,000 metric tons. This represents a 12.2% decrease from June and a considerable 25.5% drop compared to July 2023. For the January-July period, finished steel imports totaled 4.122 million metric tons, down by 6.7% from the previous year. This sustained decline in imports reflects a weakening of domestic demand and potentially a shift in China’s steel trade dynamics.
The net finished steel exports for the first seven months of 2024, calculated by subtracting imports from exports, rose significantly by 24.5% year-on-year to 57.105 million metric tons. This increase in net exports underscores China's robust position as a major global steel exporter, even amidst fluctuating monthly figures.
