China increased steel exports by 9.9% y/y in May

In May 2025, Chinese steelmakers increased steel exports by 9.9% compared to May 2024, to 10.58 million tons. The figure increased by 1.1% compared to the previous month. This is evidenced by data from the General Administration of Customs of China, Reuters reports.

May exports reached a seven-month high, and is the third month in a row when the volume exceeds 10 million tons. Analysts note that steady supply ahead of schedule, fueled by fears of higher tariffs that could reduce demand, is driving exports.

Steel imports to China last month decreased by 24.5% y/y – to 481 thousand tons. For 5 months, Chinese producers exported 48.47 million tons of steel (+8.9% y/y), while imports amounted to 2.55 million tons (-16.1% y/y).

In May, sea shipments of iron ore to China decreased by 4.9% compared to April and by 3.8% y/y – to 98.13 million tons.

The lower-than-expected imports last month are partly due to the fact that some steelmakers preferred to buy from ports where supply was higher and prices were lower, analysts and industry representatives say.

Due to the decline in imports, stocks in ports decreased by 2.8% – to 133 million tons by May 30, the lowest level since February 2024.

In addition, some cargoes were cleared in advance of the May holidays, which led to an increase in imports in April and a decline in May, explains Stephen Yu, senior analyst at Mysteel.

“Although May imports were below expectations, they remained relatively high due to active restocking by steelmakers amid a reduction in port reserves,” said Chu Xingli, an analyst at China Futures.

In January-May, iron ore supplies to China decreased by 5.2% year-on-year – to 486.41 million tons.

As GMK Center reported earlier, in 2024, China reduced steel production by 1.7% compared to 2023, to 1.005 billion tons. At the same time, exports reached a record high of 110.72 million tons, up 22.7% compared to 2023. The figure continues to grow amid weak domestic consumption. Imports totaled 6.8 million tons, down 10.5% yoy.