China’s Iron Ore Import & Steel Export & Imports in November 2021
Strategic Research Institute
Published on :
08 Dec, 2021, 5:40 am
China’s Custom Department has revealed the quantum of iron ore import, steel export & import during November 2021, up 7% YoY, down 0.9% YoY & down 23% YoY respectively.
Iron Ore Import -China imported 104.955 million tonnes of iron ore in November 2021, up 6.9% YoY & up 14.6% MoM, constituting the highest monthly import volume this year. Iron ore imports in China decreased by 3.2% YoY to 1038.361 million tonnes in the January-November 2021. Despite this unexpected sharp increase in November, overall sentiment in the market has not improved and the demand for import iron ore will likely reduce in December as demand for steel will worsen
Steel Export - China's finished steel exports in November 2021 fell for the fifth straight to 4.361 million tonnes, down 3% MoM & 0.9% YoY, reaching a 13 month low. Over January-November 2021, China's finished steel exports still rose 26.7% YoY to 61.875 million tonnes. Growth of steel exports in 2021 was mainly due to a lower base in 2020, as China was in lockdown during much of the first half, and in the second half, most overseas markets also went into lockdown.
Steel Imports - China's finished steel imports in November 2021 were at 1.424 million tonnes, up 26% MoM but 23% down YoY. Finished steel imports during January-November 2021 fell 30%YoY to 13.267 million tonnes, mostly due to a higher base in 2020.
Steel Trade Balance - China's net finished steel exports were 2.937 million tonnes in November 2021, up 15% YoY. Net exports over January-November 2021 were up 62% YoY at 48.608 million tonnes.