China's steel exports saw a notable rise in November 2024, increasing by 15.9% compared to the same month the previous year. This surge in exports reached 9.28 million metric tons, although it represented a 17% decline from the nine-year high of 11.18 million metric tons recorded in October 2024. Despite this drop, the export figures for November still reflect strong demand for Chinese steel in international markets, bolstered by China's continued industrial and infrastructure activity. This trend in steel trade contrasts with the slight dip in China's iron ore imports during the same period, as the demand for raw materials softened.
In the first eleven months of 2024, China's steel exports have experienced a robust 22.6% increase year-on-year, totaling 101.15 million metric tons. This figure also surpassed the entire steel export total for 2023, which was 90.26 million metric tons, signaling that China remains a dominant force in the global steel market. The sharp rise in exports can be attributed to several factors, including China's recovery from previous economic disruptions and its competitive pricing in the global market. The country has positioned itself as a major supplier to markets in Asia, Africa, and Europe, despite global uncertainties and trade barriers.
The November decrease in iron ore imports by 1.91% was primarily driven by seasonal factors. As winter sets in, construction activities slow in China’s northern regions due to colder weather, leading to a temporary dip in demand for steel. China, being the world's largest consumer of iron ore, imported 101.86 million metric tons in November, down from 103.84 million metric tons in October. This decrease also reflects a natural slowing of shipments ahead of the low-demand season. Iron ore is essential for steel production, and its import volumes are a key indicator of the health of the steel industry.
Although November's iron ore imports were lower than in October and compared to the same month in 2023, the overall trend for 2024 has been positive. Over the first eleven months of the year, China's iron ore imports increased by 4.3% compared to 2023, reaching a total of 1.124 billion metric tons. This reflects the ongoing demand for raw materials driven by China's industrial activities and the growth of its infrastructure projects. The demand for iron ore may fluctuate in the short term, but in the long term, China’s position as the world's largest importer of this critical resource remains unchallenged.
