China's imports of finished steel products fell to a 30-year low

In 2022, China's imports of finished steel products will decline by 25.9% compared to 2021, reaching 10.57 million tons, the lowest level since 1993. He Wenbo, CEO of China Iron and Steel Association (CISA), said. Steel imports to China declined due to a significant increase in the cost of products on the back of rising inflation and the energy crisis. In 2022, the destinations for shipments of finished steel products to China were Japan, South Korea and Indonesia, with a volume of 7.92 million tonnes accounting for 75% of the total imports. In addition, in 2022, China imported 6.38 million tonnes of semi-finished steel products, down 53.5% year on year. The most considerable decline was observed in the billet steel sector, where the volume of deliveries decreased by 80% year-on-year due to Coronavirus restrictions in the first half of 2022, in addition to higher prices.