The leading exporter in 2022 was undoubtedly China with over 67 mnt, followed by Japan at 28.7 mnt and South Korea at 23 mnt. Weak domestic demand and subdued steel margins was one reason why Chinese mills remained active in exports. While steel production in China fell by 1.4% in January-November 2022, the revenues of steel companies plunged over 90%. Japan and Korea witnessed decline in volumes due to subdued global demand amidst inflation and currency depreciation as well as continued disruption in the supply of key components used by the downstream sectors.
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