Update on Global Steel Trade Data - 18 October 2024

18 October 2024: The situation in the steel market remains challenging, with major global exporters aggressively increasing their exports despite growing protectionism worldwide.

Recent data from the General Administration of Customs (GACC) revealed that China's steel exports reached an eight-year high last month. Overseas shipments surged 25.3% year-on-year to 10.2 MT as Chinese suppliers slashed prices amid weak domestic demand. Finished and crude steel output declined by 6.5% and 10.4% in August compared to the previous year, to 110.9 MT and 80.7 MT, respectively. As a result, a raft of new measures has been announced since the end of September to boost the country's economy and strengthen the property sector.

In the meantime, the United States continued increasing imports, attracted by lower prices. Deliveries of all steel products hiked by 6.1% in September year-on-year, to 2.1 MT, according to preliminary census data, with a slight pick-up in production rates recorded in August.

Italy released September production figures, with crude output plummeting by 8.4% compared to the same month a year ago as local producers faced high production costs compared to most European and non-European suppliers.

Turkey increased production and exports by 13.8% and 11.8% in August, respectively, owing to reduced production costs and tighter trade restrictions, mainly against Asian products.