Recently, the National Development and Reform Commission (NDRC) announced the development and operation status of China's steel industry in 2020. The specific situation is as follows:
1. Steel production increased steadily. According to the National Bureau of Statistics, from January to December 2020, China's output of pig iron and crude steel was 887.52 million tons and 1,053 million tons, up 4.3% and 5.2% year on year, respectively.
2. Steel exports declined, and imports increased significantly. According to the data of the General Administration of Customs, China exported 536.71 million tons of steel from January to December in 2020, down 16.5% year on year. From January to December, steel imports totaled 20.233 million tons, up 64.4% year on year.
3. The average price of steel declined slightly. According to data from China Iron and Steel Association, China's steel price index averaged 105.57 points from January to December in 2020, down 2.2% year on year. It dropped to the lowest 96.62 points in 2020 at the end of April and then recovered gradually. It began to rise rapidly in November and reached the highest 129.14 points in December, up 32.52 points, or 33.7%, compared with the lowest point in 2020.
4. Growth in corporate efficiency. From January to December in 2020, the key statistics of China Iron and Steel Association show that the sales revenue of iron and steel enterprises is 4.7 trillion yuan, with a year-on-year growth of 10.9%. Its profit reached 207.4 billion yuan, up 6.6% year on year.
5. Steel inventory increased slightly. Based on the data from the China Iron and Steel Association, the stock of five kinds of steel rebar, wire rod, hot rolled coil, cold rolled coil and medium thick plate in major cities reached a peak of 20.21 million tons in early March 2020 and then fluctuated down to 7.3 million tons by the end of December, an increase of 7% compared with the beginning of the year and a decrease of 63.9% compared with the peak.
6. The quantity of imported ore continues to grow, and the price of imported ore rises sharply. According to the General Administration of Customs, China imported 170.1 million tons of iron ore and ore concentrate from January to December 2020, up 9.5 percent year on year. As stated by the data of China Iron and Steel Association, by the end of December 2020, the price of imported fine ore (62% grade) was 159.54 US dollars/ton, up 69.02 US dollars/ton compared with the same period in 2019, an increase of 76.2%.
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