Will China's steel material export increase this year

With the recovery of overseas market demand and prices, China's steel material prices have become competitive in the world, so China's participation in the export market has increased this year. From January to March, China's finished steel exports increased by 24% year-on-year to 17.7 million tons, but should start to slow down from next month.

It is estimated that China will export about 65 million tons of steel material in 2021, an increase of about 11 million tons compared with last year. Although exports will increase slightly, exports account for only a small proportion of China's annual output of 1 billion tons of steel material, indicating that domestic downstream demand is quite strong.

Another reason for the growth of China's steel material exports in March was that exporters wanted to deliver goods before April, as the market expected the tax rebate rate of China's steel exports to be lowered.