China’s 2023 steel exports seen at 7-year high -industry body

BEIJING/SINGAPORE : China’s 2023 steel exports are expected to have hit a seven-year high of more than 90 million metric tons, the China Iron and Steel Association (CISA) said in a report on Wednesday.

The world’s top steel maker shipped 67.32 million tons in 2022.

Rising exports come against weak demand at home showing a struggling property sector and competitive pricing helped by a weak yuan for most of the year.

China’s steel product exports stood at 82.66 million tons in the first 11 months, up 35.6 per cent from the same time a year earlier, customs data showed.

But growing exports could lead to more trade fraction, the CISA warned, as five countries started trade and economic investigations against Chinese steel products in 2023.

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