In the first nine months this year, China imported 5.503 million mt of semi-finished steel, down 41.2 percent year on year, as announced by the Chinese customs authorities. The sharp fall in billet imports, down 77 percent in this period, was not offset by the increase in slab purchases. Slab imports to China in the given period exceeded billet shipments by 1 million mt, reaching 2.5 million mt.
In September alone, China imported 675,000 mt of semi-finished steel, up 37.3 percent month on month.
In particular, in September, major semi-finished steel import sources were Russia, Indonesia and Oman, which supplied 464,000 mt, 108,000 mt and 44,000 mt, up 1351.3 percent, down 63.1 percent and down 75.4 percent year on year, respectively. Russia has been actively selling to China even despite the reduction of prices there, not having many other options after the imposition of Western sanctions. Russian supply of semis to China was up 46.8 percent month on month in September, while supplies from other major sources decreased or remained stable.