Update on Global Steel Trade Data - 14 December 2024

Steel export from China to reach about 110 MT in 2024

China has released its export figures for November, which rose by 15.9% year-on-year, to 9.28 MT, while over the first eleven months of 2024 overseas supplies of finished steel surged by 22.6%, to 101.15 MT. This indicates that the country’s export shipments are close to reaching the record high of 2015, when they totalled around 110 MT.

A downturn in the domestic market amid weak economic conditions led to a sharp decrease in Chinese steel prices during the third quarter when they hit their lowest point in recent years. But because of higher production costs in key steel markets, there was notable export demand for Chinese steel products in the second half of 2024. 

However, overseas demand for Chinese finished steel started to slow down towards the end of the year, following growth rates of 41% and 25.3% in October and September, respectively, compared to the same months last year. Moreover, trade tariffs on finished steel from China are expected to curb the country’s export activity next year as many countries initiated anti-dumping investigations to prevent floods of cheap imports.