China's Steel Export Expected to Exceed 90 Million Tons in 2023, Steel Companies Cautioned about Trade Friction Risks

January 3, 2024, 17:58

According to recent data released by the China Iron and Steel Industry Association, it is anticipated that China's steel exports will surpass 90 million tons in 2023, marking the second-highest level in history, trailing only behind the years 2014-2016. Despite the impressive export performance, steel enterprises are urged to remain vigilant against potential trade friction risks.

The Association's Market Research Department noted that due to the expansion of export volumes, five countries globally have initiated six trade remedy investigations against Chinese steel products. Towards the end of the year, Mexico announced imposing nearly an 80% import tariff on certain steel products from China, intensifying the risk of trade friction.

However, the Association also stated that in late December 2023, the State Council's Tariff and Tax Commission issued a public notice adjusting the tariff sub-items for five steel products. This adjustment is seen as laying a solid foundation for precise measures in steel product import and export policies.

The latest data reveals that in November 2023, China's steel exports saw a year-on-year increase, reaching 80.05 million tons with a monthly growth of 66,000 tons and a year-on-year increase of 241.5 million tons. Meanwhile, steel imports in November amounted to 614,000 tons, showing a month-on-month decrease of 54,000 tons and a year-on-year decrease of 138,000 tons.