China’s domestic steel demand continues to be weak, prompting an ongoing expansion of steel exports into the global market. Over recent years, China has substantially increased steel exports, especially to Asian countries, creating oversupply pressures in the region. In response, Asian nations have redirected a portion of their own steel production toward the US and Europe, maintaining a steady influx of competitively priced imports. For instance, India has significantly increased steel exports to the European Union (EU), despite the EU imposing additional quotas and import restrictions aimed at protecting its market from these diverted Asian shipments.
In 2024, Chinese steel product exports reached a record high of 111 million tonnes, marking a 23% increase year-on-year (y-o-y). This upward trend has continued into 2025. According to China’s General Administration of Customs (GACC), the country’s steel exports totalled 27.43 million tonnes from January to March 2025, representing a y-o-y increase of 6.3%. China’s rising exports have sparked concern among neighboring countries, leading to anti-dumping measures targeting Chinese steel. On March 7, 2025, Vietnam’s Ministry of Industry and Trade introduced provisional anti-dumping duties on Chinese hot-rolled coil (HRC), ranging from 19.38% to 27.83%, valid for 120 days. On July 11, 2023, Thailand expanded its existing anti-dumping duty of 30.91% on alloyed HRC imports from China. Similarly, on January 11, 2025, Malaysia imposed temporary anti-dumping duties ranging from 2.52% to 36.80% on certain flat-rolled iron or non-alloy steel products imported from China, India, Japan, and South Korea, effective until May 10, 2025.
If steel is a large part of your supply chain, our recent “Forging Ahead: Steel trends and forecasts in 2025” webinar is available to view on demand here.
Written by Artem Segen
