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Exports of electrical steel have increased quickly in recent years, and will likely maintain this momentum in 2024 due to the good demand due to an expanding electric vehicle (EV) industry, sources said.
The exports of electrical steel started a sharp increase in 2021, with a total 860,959 tonnes shipped out of China, up by 335,056 tonnes, or 64%, from 525,903 tonnes in 2021, according to data from the country’s General Administration of Customs.
The exports increased by 49% year on year to 1.28 million tonnes in 2022, but dropped slightly by 4% to 1.23 million tonnes in 2023.
The top five buyers of China’s electrical steel took a total share of 54% of the country’s total exports of the products.
The biggest buyer of China’s electrical steel was India in 2023, taking 189,184 tonnes, or 15%, of China’s total exports of the products.
The exports totaled 356,726 tonnes in the first three months of 2024, with a year-on-year increase of 30% from 274,972 tonnes.
The top five buyers of Chinese electrical steel remained India, Turkey, Mexico, Italy and the United States, with a total share of 57%. India remained the biggest buyer by volume, with 58,896 tonnes and took 17% of the total exports in the first three months of 2024.
“The major reason of the active exports is the [expanding] electric vehicle industry,” an exporter in China said.
For instance, the EV sales volume in India is forecast to increase by 66% in 2024 compared with 2023 and take a share of 4% of the total sales of EVs, according to an industry research institute Counterpoint Research.
In Mexico, the production of electric vehicles exceeded 100,000 units in 2023, up by 37% year on year. The sales of electric vehicles took 19% of total vehicle sales volume in 2023, according to China’s public press People’s Daily.
BYD, JAC Motors, Volvo and other automotive companies, along with Mexican new energy transportation operator VEMO and charging platform Evergo, have jointly established the Mexican Electric Vehicle Association early in 2024. The association’s goal is to achieve a 50% share of Mexican electric vehicles in new car sales by the end of 2030, People’s Daily reported.
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- [Editor:kangmingfei]
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