For the second year in a row, the rate of steel consumption in China decreased, reaching 914 million tonnes in 2022, a decline of 3.3% compared to 2021, equivalent to 31 million tonnes, and by 8.3% compared to 2020, equivalent to 83 million tonnes.
In 2022, China’s crude steel production decreased by 2.2% compared to 2021, reaching 1.01 billion tonnes. This is due to the slowdown in the economy and the decline in the real estate market in the country.
According to the China Iron and Steel Association (CISA), in 2023, China is expected to witness a recovery in overall economic activity, therefore, a recovery in demand for steel products. However, the global economy still faces recessionary risks, and international markets are currently challenging.
Consequently, China’s direct and indirect steel exports are under pressure, with imposed restrictions on resources, energy and the environment.
Steel exports from China last year amounted to 67.32 million tonnes, up 0.9% from 2021. Steel product imports for 2022 decreased by 25.9% yearly to 10.57 million tonnes.
Industrial production in China’s ferrous metal smelting and rolling sector rose 1.2% year-on-year in 2022. In China’s mining industry, production grew 7.3% year-on-year.