Teel exports continued to rebound year-on-year, and the net export growth pattern continued

According to the data released by the General Administration of Customs, in terms of steel export, in January-February 2023, China exported 12.19 million tons of steel, a year-on-year increase of 49%; In January-February, China imported 1.231 million tons of steel, a year-on-year decrease of 44.2%.

Steel exports continued to rebound year-on-year, and the net export growth pattern continued

Under the influence of price advantage, China's steel exports showed a month-on-month recovery in January-February 2023, with an average monthly export volume of 6.095 million tons, an increase of 695000 tons compared with December last year; From a year-on-year perspective, the growth rate increased by 41.6 percentage points compared with December last year.

In terms of imports, the monthly imports of steel in January-February 2023 were 615000 tons, a decrease of 85000 tons compared with December of the previous year, a year-on-year decrease of 12.1%.

From January to February 2023, China's steel exports still showed significant growth, while steel imports continued to operate at a low level, maintaining a net export trend in a single month.

Global manufacturing PMI stabilized and recovered, and steel external demand improved

According to the China Federation of Logistics and Purchasing, the global manufacturing PMI in February 2023 was 49.9%, up 0.7 percentage points from the previous month, and rising for two consecutive months, approaching the 50% boom and bust line. From a regional perspective, Asia's manufacturing PMI has risen to over 51%; The PMI of manufacturing industry in the Americas rose slightly from the previous month, but remained below 49%; The PMI of European manufacturing industry ended its rising trend for three consecutive months, and fell slightly from the previous month, still below 50%; The PMI of African manufacturing industry has significantly decreased from last month, falling below 50%.

During the same period, the global manufacturing PMI index of JPMorgan Chase was 50.0% in February, rising to the boom and bust line, 0.9 percentage points higher than the previous month; In February, 10 of the world's major countries and regions' manufacturing PMI indexes monitored were above 50%, an increase of 2 compared with the previous month; The global manufacturing industry shows a trend of stabilization and recovery, indicating that the global economy shows a preliminary sign of stabilization and recovery, and the demand for overseas steel will be boosted to a certain extent.

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