China’s finished steel exports dropped by 7.3pc to 64.29mn mt in 2019, amid a weak steel demand and trade disputes with the US, according to customs data released on Tuesday.
In December, finished steel exports increased to 4.68mn mt from 5.56mn mt in the prior year. China’s government targets actions to lower its overcapacity and the outlook remains moderate for the recovery of global steel demand in 2020.
China’s iron ore imports in 2019 increased by 0.47pc to 1,069mn mt, from 1,064mn mt a year ago and China’s December iron ore imports rose by 11.8pc to 101.3mn mt from the prior month period, a 27 months high.
The demand for steel in China remained strong in 2019 resulting in higher iron ore imports. After supply disruption from Vale’s iron ore mine in Brazil and tropical cyclone hitting miners in West Australia, iron ore imports recovered in the second half of 2019 on a strong demand in the infrastructure industry.