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China exported 24.97 million tonnes of steel in Q1 2024, up 6.3% YoY.
Pricing advantage due to lower costs continues to impact Indian steelmakers.
Global and domestic trade measures are expected to tighten.
China’s steel exports rose by 6.3% in the first quarter of 2024 (January–March), as per official customs data released today. The increase reflects Beijing’s aggressive push to capitalize on growing global demand, especially in regions facing price inflation and tariff uncertainty.
China exported 24.97 million tonnes of steel during the three-month period, up from 23.5 million tonnes in the same period last year. The surge was driven by low production costs, surplus capacity, and reduced demand in the domestic construction sector. These factors enabled Chinese mills to offer competitive rates—often undercutting Indian steel prices by up to 12%, according to industry insiders.
This rise in exports comes at a time when several countries, including the US and the EU, are reassessing trade relationships and considering tariff revisions to counteract China’s growing dominance.
Indian manufacturers, already dealing with import pressure and fluctuating domestic demand, are expected to lobby for more trade safeguards. Analysts warn that unregulated imports could impact India’s domestic production growth and profitability.
Also Read : Global Steel Ingots Market 2024: China Leads, Trade Cools, Growth Modest China’s Coal and Steel Output Decline After Production Controls
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