China's 2023 steel exports seen at 7-year high

BEIJING/SINGAPORE, Jan 3 (Reuters): China's 2023 steel exports are forecast to have hit a seven-year high of more than 90 million metric tonnes, the China Iron and Steel Association (CISA) said in a report on Wednesday.

The world's top steel maker exported 67.32 million tons in 2022.

Rising exports come against weak demand at home reflecting a struggling property sector and competitive pricing helped by a weak yuan for most of the year.

China's steel product exports stood at 82.66 million tonnes in the first 11 months, up 35.6 per cent from the same period a year earlier, customs data showed.

But growing exports could lead to more trade fraction, the CISA warned, as five countries initiated trade and economic investigations against Chinese steel products in 2023.

Mexico in late December announced a nearly 80 per cent tariff on some steel imports, following criticism from local producers that Chinese steelmakers had strangled their production.

China's customs authority will release its trade data on January 12.