China became a net importer of steel in June for the first time in 11 years, according to customs data released on 25 July. Total steel imports, including semi-finished products, reached 4.358 million tonnes in June, passing finished steel exports of 3.701 million tonnes. Imports of semi-finished steel, mainly billet and slab, were 2.48 million tonnes. The reversal came even though Chinese mills were producing crude steel at record daily rates during the month. Strong domestic demand, supported by infrastructure spending, soaked up local output, while weak demand overseas left foreign steel looking for buyers and Chinese prices attractive to importers. The shift had not been seen since the first half of 2009, during the global financial crisis, and market watchers expected China to stay a net importer for much of the second half of the year.
Source: S&P Global Platts — https://www.spglobal.com/platts/en/market-insights/latest-news/metals/072720-china-becomesnet-steel-importer-first-time-in-11-years-in-june
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