China increased steel exports by 9.2% y/y in January-September

According to data from the Chinese Customs Service, Chinese steel companies increased steel exports by 9.2% year-on-year in January-September 2025 compared to the same period in 2024, reaching 87.96 million tons, Reuters reports.

In September, Chinese steel producers exported 10.47 million tons of steel, which is 10% more than in the previous month. The figure reached its highest level in the last four months and contradicts expectations that the growing protectionist reaction to cheap Chinese steel would reduce export volumes.

Iron ore imports to China for the first nine months of the year totaled 917.69 million tons, which is on par with the same period in 2024. In particular, September saw record imports of 116.33 million tons, up 10.6% month-on-month and 11.7% year-on-year. Thus, the country has maintained a figure above 100 million tons for the fourth month in a row. The volumes exceeded analysts’ forecasts, who expected imports to be in the range of 100-106 million tons.

The growth in supplies occurred against the backdrop of steady demand and rising ore prices. Since July, quotations have remained stable above $100/ton, which has encouraged even high-cost producers to increase exports. According to Steelhome, the average price rose by 5.3% in July, by another 2.5% in August, and by an additional 3.6% in September.

The market received a boost from the resumption of operations at Chinese steel mills after restrictions related to the September parade. Average daily pig iron production rose to 2.42 million tons at the end of the month, compared to 2.4 million tons in August, according to Mysteel data.

At the same time, experts note that record September imports were supported not only by domestic activity, but also by stable demand for Chinese steel in foreign markets.

“The growth in steel consumption both in China and abroad was a key factor in the high ore imports in September,” said Ge Xin, deputy director of Lange Steel.

As GMK Center reported earlier, China reduced steel production by 1.7% in 2024 compared to 2023, to 1.005 billion tons. Exports, on the other hand, 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-o-y.