China's exports of finished steel increased significantly in 2023, reaching the highest level since 2016 and the fourth highest in history, according to a report from China Iron and Steel Association (CISA).

During the past year, China's steel exports reached 90.26 million tonnes, a year-on-year increase of 36.2%. Additionally, steel billet exports amounted to 3.28 million tonnes, rising 2.25 million tonnes.

Exports to the EU dropped 5.6% year on year (YoY), while that to other major regions witnessed substantial rises.

Finished steel imports declined 27.6% YoY to 7.65 million tonnes, and steel billet imports slumped 48.8% YoY to 3.27 million tonnes.

The import price of finished steel averaged $1,658.5/t, up 2.6% YoY, the CISA said.

Out of the 22 major finished steel categories, only cold-rolled sheets, electrical steel plates, and cold-rolled strips experienced a decrease in 2023 exports, while the other 19 categories saw increased export volumes.

(Writing by Riley Liang  Editing by Harry Huo)
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