Among the top ten steel exporting countries in the world, five countries announced a decrease in their exports in the first half of 2023. The total export of the above ten countries in the first half of the year was 112 million tons with an annual growth of 3%. The five countries that experienced declines are Türkiye, India, Taiwan, Brazil and Germany. China’s exports continued to lead with 30% growth. Vietnam and Italy reported an increase in exports. Japan’s exports were flat and Korea reported a 3 percent drop. The above ten countries held 73% of the global steel market share.
China is dependent on exports amid weak domestic demand and exported nearly 44 million tons of steel with a 30% increase in the first half of the year. Considering that China’s exports were 67 million tons last year, this is a significant increase.
According to Iran Steel, on the other hand, Indian steel exports experienced an annual drop of 32% in the first half of the year and reached 4.7 million tons. China took part of India’s market in Vietnam and the Middle East.
Türkiye’s steel exports dropped by 49% to 4.3 million tons. On the other hand, Japan’s export was stable at 15 million tons, and Korea’s export decreased by 3% to 12.3 million tons in the first half of the year.
The topography of global steel trade has changed significantly since Russia was sanctioned. China’s exports may decline in the second half as its government seeks to cut output and boost domestic demand.
This is likely to result in less supply of Chinese steel for export, and Indian mills can fill the gap. Demand from the European Union and the United States, or even ASEAN, is not expected to pick up much for the rest of the year. Therefore, the second half may be a downtrend for steel exporting countries.