Chinese steel exports are forecast to grow 4% to 9% to an all-time high of between 115 million metric tons and 120 million metric tons, Reuters reported Tuesday, citing a forecast from 11 analysts.
The export surge means steel manufacturers need a new market away from home to absorb their supply glut and the threat of tariffs, especially by the European Union and Mexico, according to Reuters, citing analysts.
Steel majors such as Baoshan Iron & Steel (SHA:600019) have pivoted to other markets in the Middle East, Central Asia and North Africa, the report said.
Baosteel forecasts its exports to reach 10 million tons in 2025, the report said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
