China increased steel exports by 10% y/y in January-August

In January-August 2025, Chinese steel enterprises increased steel exports by 10% compared to the same period in 2024, to 77.49 million tons. This was reported by the China Iron and Steel Association (CISA) with reference to data from the Customs Service.

In August, Chinese steel producers exported 9.51 million tons of steel, which is 3.3% less than in the previous month. The average price was $698/ton (-0.6% month-on-month). Shipments abroad since the beginning of the year have remained surprisingly stable, despite the tightening of anti-dumping measures by key markets, including Vietnam and South Korea.

Steel imports to the Chinese market in January-August amounted to 3.98 million tons, down 14.1% y/y, and in August – 500 thousand tons (+10.6% m/m). The average price was $1,850/t, up 2.5% from the previous month.

Iron ore imports to China in the first eight months amounted to 801.62 million tons, down 1.6% compared to the same period in 2024. The rate of decline slowed from 2.3% in January-July. In August, the figure rose by 0.6% month-on-month and 3.8% year-on-year to 105.23 million tons. The average price was $92.7/ton (+1.4% month-on-month).

Last month, raw material supplies increased due to attractive prices in June-August and the preparation of steel enterprises for the seasonal peak in steel demand in September. Overall, the country has maintained ore purchases above 100 million tons for the third month in a row.

The key factor was the decline in prices in the second quarter, when the average cost fell below the psychological mark of $100/t. This stimulated stable buyer interest and ensured growth in supplies throughout the summer. High pig iron production, which remained at over 2 million tons per day, also played an important role.

At the same time, at the end of the summer, a revival in demand led to higher prices. Imports were additionally supported by a wave of restocking by mills preparing for an active production period.

As GMK Center reported earlier, in 2024, China reduced steel production by 1.7% compared to 2023, to 1.005 billion tons. In contrast, exports reached a record level of 110.72 million tons, which is 22.7% more than in 2023. The indicator continues to grow amid weak domestic consumption. Imports amounted to 6.8 million tons, down 10.5% y/y.