Revised: In 2020, China's steel output reached a new record high of 1.325 billion tons, according to the Ministry of Industry and Information Technology. The output of pig iron, crude steel, and steel from January to December 2020 were 888 million tons, 1.053 million tons, and 1.325 million tons, respectively, showing a year-on-year increase of 4.3%, 5.2%, and 7.7%.
During the same period, China imported 20,233,000 tons of steel, experiencing a significant year-on-year increase of 64.4%, with an average price of $831.6 per ton. Conversely, China's steel exports totaled 536.71 million tons, indicating a decline of 16.5% compared to the previous year, with an average price of $847.2 per ton.
Data from the China Iron and Steel Association reveals that China's steel composite price index averaged at 105.6 points from January to December 2020, representing a year-on-year decrease of 2.2%. Steel prices were lower than the previous year until May, and then showed a steady increase. By the fourth quarter, the year-on-year growth reached its peak, resulting in the highest level of the year. At the end of December 2020, China's steel composite price index stood at 124.5 points, demonstrating a notable year-on-year increase of 17.4%.
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