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The global steel industry is growing uneasy as China, the world’s largest steel exporter, experiences a drop in domestic demand for the first time in six years, according to a report by Turkish publication Ekonomim.
3 min read
This has raised concerns among steel producers, including Türkiye, as they fear the impact of increased Chinese exports flooding global markets.
The primary factor contributing to this shift is the ongoing weakness in China’s real estate sector, which has significantly reduced the steel demand.
Industry forecasts suggest that China’s steel consumption will continue to decline in 2024, with the World Steel Association (Worldsteel) projecting a 4th consecutive year of decline to 869 million tons.
Meanwhile, global demand outside China is expected to rise by 1.2%, reaching 882 million tons.
China is expected to surpass 100 million tons of steel exports in 2025, driven by weak domestic consumption. In the first three quarters of 2024, Chinese steel exports increased by 21.2%, reaching 80.71 million tons.
Analysts predict that China’s annual exports could range from 90 million to 100 million tons, levels not seen since 2016.
Countries such as Türkiye and Indonesia have voiced concerns over the influx of cheap Chinese steel, which has been undercutting local producers. Many countries have implemented antidumping measures to counteract the negative impact.
In 2024, there have been 28 trade cases filed against Chinese steel products, up from just eight cases in the previous three years.
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