By Swann Collins, investor, writer and consultant in international affairs – Eurasia Business News. September 5, 2024. Article no 1214.

Chinese steel exports could reach an eight-year high this year, the Financial Times (FT) writes, citing data from Shanghai-based consulting company MySteel.

In 2024, steel supplies from China may exceed 100 million tons, which will be the highest figure since 2016, analysts say. Vivian Young, head of the editorial office of MySteel, clarified that total exports could reach 101 million tons for the whole year.

In the first half of 2024, Chinese steel exports rose by 24% year-on-year to 53.4 million tons. This was driven by weak domestic demand and producers seeking export markets for their products.

Full-year 2024 steel exports from China are expected to grow by at least 27% compared to 2023, exceeding the record 110 million tons observed in 2015.

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Ian Roper, a commodity strategist at the consulting company Astris Advisory Japan, said in a comment to the newspaper Financial Times that China is “flooding the world with steel” and lowering prices. Roper expects countries to retaliate in an attempt to protect their domestic steelmakers from competition from China. As follows from the material, countries may impose higher duties on Chinese steel.

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Eurasia Business News, citing data from the General Administration of Customs of China, wrote that Russian metallurgical companies exported 424,600 tons of semi-finished steel products to China in the first quarter of 2024 – three times more than in the same period last year. In monetary terms, the export of semi-finished products amounted to $194 million, also tripling year-on-year.

In 2023, China imported approximately $705 million worth of iron and steel from Russia. Major categories included semi-finished products and pig iron, which are essential for steel production. Conversely, Russia’s steel exports to China were valued at around $1.05 billion in 2021, indicating a robust trading relationship.

In May , Russian suppliers increased exports of iron, steel and products from them to the European Union (EU) to 373.1 million euros. This is the highest figure since 2022, mainly semi-finished products made of iron or non-alloy steel (175 million euros) and ferroalloys (81 million euros) were supplied. The key buyer was Italy, which increased imports by 1.6 times to 120 million euros.

According to the data of the January-July period, the trade turnover between China and Russia reached $136.67 billion, reported the General Customs Administration of China. This is 1.6% more compared to the same period last year.

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© Copyright 2024 – Eurasia Business News. Article No. 1214.