As of 2023, steel exports from China showed significant strength. According to statistics from Chinese customs authorities, China's steel exports in the January-August 2023 period reached approximately 58.79 million tons, an annual increase of 28.4%.
Chinese steel and iron products remain competitive in price.
The devaluation of the yuan against the US dollar increased China's competitive advantage in the steel industry. These factors, together with the Chinese authorities' implementation of foreign trade policies that support and facilitate the steel export sector, contributed to a sharp increase in steel exports from China in 2023.