China imported 7.65 million tonnes of steel products in 2023, a year-on-year drop of 27.6%, according to the latest data released by the General Administration of Customs.

The import value came in at $12.68 billion throughout the year, down 25.8% on the year. The average import price was calculated at $1,658.5/t, up 2.6% year on year.

In December, China imported 665,000 tonnes of steel products, up 8.3% month on month but down 5.0% year on year, data showed.

Imports were worth $1.04 billion, rising 4.4% month on month yet falling 13.1% year on year, with the average import price at $1,569.6/t, down 3.6% month on month and 8.5% year on year.

Over January-December, China imported 1.18 billion tonnes of iron ore and concentrates, up 6.6% on the year. Import amounts were $133.97 billion, rising 4.9% from the preceding year, with the average import price at $113.6/t, down 1.6% from a year ago, showed data from the GAC.

In December, China imported 100 million tonnes of iron ore and concentrates, down 1.8% month on month but up 11.0% year on year. Imports were worth $12.43 billion, 3.3% higher than a month earlier and up 48.6% compared to the year-ago level. The average import price increased 5.2% on the month and 33.9% on the year to $123.3/t.

(Writing by Riley Liang  Editing by Emma Yang)
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