China's finished steel exports fell 16.5 percent in 2020 to 53.67 million tonnes, customs data released in January showed, as the pandemic hit overseas demand and strong domestic consumption kept more steel at home. It was the fifth consecutive annual decline and the lowest export total since 2013. By contrast, imports surged as Chinese buyers took advantage of low international prices and a construction-led recovery, turning China into a net steel importer for much of the year, the first time in more than a decade. The shift mattered for world markets: with fewer Chinese tonnes competing abroad, steel prices in the United States and Europe climbed through the second half of 2020. For Chinese mills, the domestic market absorbed the output, with crude steel production passing one billion tonnes for the first time. Traders watched whether the export slump would persist once vaccination programmes revived demand abroad, and whether Beijing would use trade policy to keep more steel at home.
Source: HB Steel (China customs data) — https://hb-steel.com/china-removes-vat-rebate-on-steel-exports-cuts-tax-on-raw-material-imports-to-zero/
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