China's steel billet exports hit record high

From January to May 2025, China exported a total of 4.72 million tonnes of steel billets, nearly matching the full-year total of 2024 and marking a new historical high. This article analyzes the domestic and international factors driving the surge and provides an outlook for the months ahead.

1.Core Drivers Behind the Export Boom 1.1 Structural Imbalance: High Blast Furnace Utilization vs Weak Domestic Demand Under ongoing pro-growth policies, China's blast furnace utilization has remained at high levels. However, end-user demand, particularly from the real estate sector, continues to underperform. This divergence has weighed on the profitability of long