The China Iron and Steel Association (CISA) said in a report. It is expected that China’s steel exports in 2023 will reach their highest level in seven years, at more than 90 million tons.
The world’s largest steel manufacturing company exported about 67.32 million tons in 2022. The rise in exports comes in light of weak demand at home, which reflects the difficulties of the real estate sector and competitive prices supported by the weakness of the yuan in most periods of the year.
Customs data showed that China’s exports of steel products amounted to 82.66 million tons in the first eleven months. An increase of 35.6% over the same period of the previous year. But increasing exports could lead to more trade breakage. CISA also warned, as five countries begin trade and economic investigations against Chinese steel products in 2023.
In late December, Mexico announced the imposition of an 80% tariff on some steel imports, following criticism from local producers that Chinese steel companies were stifling their production.
