[SMM Hot Topic] (2024 Steel Export Review - By Category) Second in History!! YoY Growth Rate of Steel in All Categories Increased in 2024

Published: Jan 24, 2025 11:16 (GMT+8)

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SMM Hot Topic: (Review of 2024 Steel Exports by Category) Second Highest in History! YoY Growth in All Steel Categories in 2024 Improved According to data from the General Administration of Customs, cumulative steel exports from January-December 2024 reached 110.716 million mt, up 22.7% YoY. China's steel exports in 2024 continued to grow, with the total volume approaching the highest level in nearly a decade (second only to the total exports in 2015).

[SMM Hot Topic] (Review of 2024 Steel Exports by Category) Second in History!! YoY Growth in All Steel Categories in 2024 In 2024, Steel Exports Exceeded 110 Million mt, Up 22.7% YoY According to data from the General Administration of Customs, cumulative steel exports from January to December 2024 reached 110.716 million mt, up 22.7% YoY. In 2024, China's steel exports continued to grow, with the total volume approaching the highest level in nearly a decade (second only to the total exports in 2015). Data Source: General Administration of Customs, SMM In 2024, the strong growth in China's steel exports was mainly due to: ① The global economy and goods trade continued to rebound. The WTO's updated report on "Global Trade Outlook and Statistics" indicated that global goods trade volume grew by 2.3% YoY in H1 2024, and is expected to maintain a recovery trend in H2 2024 and 2025. The WTO also predicts that global goods trade volume will grow by 2.7% in 2024, slightly higher than the previous forecast of 2.6%. ② China's export strategy continued to deepen adjustments, achieving remarkable results. On January 13, China's foreign trade report was released: in 2024, the total value of goods trade imports and exports reached 43.85 trillion yuan, up 5% YoY, achieving simultaneous growth in total volume, incremental volume, and quality; the number of foreign trade enterprises with actual import and export performance reached 700,000, setting a new record; cross-border e-commerce imports and exports totaled 2.63 trillion yuan, up 10.8%. ③ Domestic steel prices declined, giving China a significant export advantage. Data Source: General Administration of Customs, SMM In 2024, the average export price of China's steel was $755.4/mt, down 19.36% YoY. Taking the FOB prices in major global HRC export markets in 2024 as an example, the average export price of China's HRC was $515.75/mt; the average export price of CIS HRC was $540.19/mt; the average export price of Japanese HRC was $561.01/mt; and the average export price of Indian HRC was $575.90/mt, highlighting China's continued export advantage. Data Source: SMM ④ The yuan depreciated moderately against the US dollar. In 2024, the spot exchange rate of the yuan against the US dollar fell by 2.9%, dropping from 7.092 at the beginning of the year to 7.2988 by year-end. The sustained pressure on the yuan's exchange rate against the US dollar has, to some extent, enhanced the competitiveness of China's steel exports. YoY Growth in All Steel Categories in 2024, with HRC Exports Up 29.72% Data Source: General Administration of Customs, SMM From the perspective of product structure, in 2024, YoY growth was recorded in the export of all steel categories. Specifically, the increase in China's steel exports was still driven by hot-rolled sheets & plates. The cumulative export volume of HRC reached 27.4738 million mt, up 29.72% YoY; bar and wire rod exports rose 23.89% YoY to 13.4809 million mt; cold-rolled sheets & plates increased 23.84% YoY to 7.6788 million mt; angle steel exports grew 21.14% YoY to 5.5125 million mt; medium-thickness plates rose 19.92% YoY to 10.2881 million mt; pipe exports increased 10.28% YoY to 11.6296 million mt; although the total export volume of strip steel was relatively small at only 1.0912 million mt, its YoY growth rate reached 35.81%, ranking first. Due to the length of the content, the "Regional Analysis of 2024 Steel Exports" and "Outlook for 2025 Steel Exports" will be shared in the next article. For more detailed information, scan the QR code to access it!

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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