Major Chinese steelmaker Baosteel has announced that its steel exports in 2023 will likely exceed 5.0 million mt amid the expansion of emerging overseas markets, including Southeast Asia, North Africa, the Middle East and Central and South America.
At the very beginning, when Baosteel was just entering the market, it decided to take 10 percent of annual output as export allocation, and work closely on improving product quality, technological advances, user services and market competitiveness.
In the first nine months of this year, Baosteel produced 39.816 million mt of crude steel, up 5.5 percent compared to the same period last year. Accordingly, the crude steel production for the whole year may stay slightly above 50 million mt. Baosteel is a part Baowu Group, the largest steelmaking producer in China.
Baosteel also stated that it aims to reach the target of exporting 10 million mt of steel annually in the longer term.
China's finished steel exports amounted to 74.732 million mt in the January-October period this year, increasing by 34.8 percent year on year.
