Steel Trade Update - 17 January 2025

China’s steel export hit a 9-year high of about 110 Mt in 2014, up 22.7% on the previous year, following 25.9% and 15.9% increases in overseas shipments in December and November, respectively. In the meantime, Chinese mills cut crude steel output by 2.7% over the same period, to 929.2 Mt as the major economies faced a substantial decrease in consumption amid weak fundamentals. 

Vietnamese steelmakers faced increased competition and protectionist measures, with November exports down by 4.3% year-on-year. However, year-to-date shipments to the overseas market were 18.5% higher compared to the previous year. 

Turkey remained on track in November, raising steel exports by 13.6%, reaching 12.1 Mt in the first eleven months of 2024, up 29.1% compared to the same period last year. However, steel imports into Turkey also jumped sharply, mainly because of increased demand for Asian semi-finished products.

In Europe, steel imports fell slightly in January-November of 2024 on a year earlier, as some steelmakers were able to increase their competitiveness, but overall consumption remained reduced. However, countries in November Italy recorded a 34.5% hike in import deliveries from non-EU countries, mainly in the hot-rolled coil and semi-finished product sectors. 

At the same time, the US market witnessed a slight rise in steel imports, while crude steel production remained below the figures of 2023.