According to data from China’s General Administration of Customs, the world’s largest steel producer imported 2.46 million tons of semi-finished steel products this July, an increase of more than 10 times over the same month of the previous year and representing its highest level since 2016. In addition, imports of finished steel products totaled at 2.61 million tons during the month, the highest level since April 2004.

The strong increase in steel imports was driven by lower prices abroad and strong domestic demand for infrastructure projects following economic stimulus measures by the Chinese central government, and due to the recovery of the manufacturing sector, at a time when the coronavirus pandemic limited the consumption of steel in the world.