Netherlands, South Korea biggest buyers of Chinese long steel in Jan-Feb

China’s exporters were active on selling long steel abroad late in 2022, resulting in good export data in the first months of 2023, market participants said.
Exports of hot-rolled steel bar & rebar totaled 231,204 tonnes in the first two months of 2023, while wire rod exports reached 838,052 tonnes, according to data released by China’s General Administration of Customs on March 20.

The biggest buyer of hot-rolled steel bar & rebar was the Netherlands, taking 26,376 tonnes – or 11% – of China’s total exports.

South Korea remained the biggest buyer of Chinese wire rod, taking 269,406 tonnes – or 32% – of China’s total exports.

Weak domestic demand late in 2022 and January 2023 motivated long steel sellers to seek out overseas orders, sources said.

As an example, Fastmarkets’ calculation of steel reinforcing bar (rebar) index export, fob China main port reached a three-year low in late 2022, at $560.63 per tonne fob on November 8.

Global prices were high at the time. For instance, Fastmarkets’ price assessment for steel reinforcing bar (rebar) export, fob main port Turkey was at $640-650 per tonne on November 10.

Note: The Ministry of Finance changed the Harmonized System (HS) codes for hot-rolled steel bar and rebar and wire rod, with effect from January 2023. The new HS codes for hot-rolled steel bar and rebar are 72142000, 72283010 and 72283099, compared with the previous codes 72142000, 72283010 and 72283090. The new HS codes for wire rod are 72279091, 72279010,7 2139900, 72139100, and 72272000, compared with the previous codes 72279090, 72279010, 72139900, 72139100 and 72272000. The changes in HS code has prevented Fastmarkets from making year-on-year comparisons.

Published by: Jessica Zong