Update on Global Steel Trade Data - 15 November 2024

The extended stagnation period in the Chinese steel market forced producers to aggressively seek sales overseas, attracting buying interest in the Asian and MENA regions with low prices.

China's finished steel export in October 2024 soared by 41% year-on-year, to 11.18 MT, reaching 91.89 MT in the first ten months, with shipments to Vietnam amounting to more than 10% of the volume. Despite the ongoing anti-dumping investigation into hot rolled products from China and India, Vietnam imported in October around 1.86 MT of steel products from China, against 1.28 MT the same month last year, with total shipments amounting to 2.41 MT, according to preliminary data released by the General Department of Vietnam Customs (GDVC). Overall steel imports to Vietnam reached 14.71 MT in January-October this year, whereas shipments from China stood at 10.16 MT.