Posted on 16 Jul 2025
In 2024, China’s trade in semi-finished steel experienced a significant fluctuation. China’s import of semi-finished steel fell by 1.5 million tonnes to 1.78 million tonnes in 2024. This decline reflects a weakened demand for semi-finished steel, which was further compounded by a decrease in year-on-year semi-finished steel production, as reported by the World Steel Association.
Billet imports saw an 11% decline, totaling 554,545 tonnes. While imports from two main sources remained significant, imports from other sources experienced a substantial decrease. Specifically, imports from Oman increased 50%, reaching 345,040 tonnes, while imports from Japan rose by 16%, totaling 164,000 tonnes.
Slab imports experienced a dramatic decrease, falling from 1.8 million tonnes in 2023 to just 650,000 tonnes in 2024. The drop was largely driven by a sharp decline in imports from key sources. Import from Russia, the largest source of import dropped by nearly half, totaling only 395,669 tonnes. Similarly, imports from Oman fell significantly, from 609,000 tonnes in 2023 to 30,000 tonnes in 2024.
Import of other semi-finished steel (stainless, alloy) remained significant, although the volume dropped 19.4% to 572,648 tonnes. The key source of imports was Indonesia, with the volume decreasing from 618,283 tonnes in 2023 to 525,478 tonnes in 2024.
China’s semi-finished steel trade in 2024 reflects a mix of declining imports, particularly from traditional sources like Russia and Oman. Additionally, China focuses on a smaller number of key suppliers rather than diversifying its sources.
In the meantime, China’s export of semi-finished steel experienced a big jump from 3.3 million tonnes in 2023 to 5.7 million tonnes in 2024. China exported semi-finished steel to various countries in the world.
Billet exports doubled in volume to 2.7 million tonnes. Major destinations were ASEAN countries (Indonesia, Philippines and Thailand).
In contrast, slab exports declined from 1.2 million tonnes in 2023 to 746,000 tonnes in 2024, with a focus on fewer export destinations. Export to Italy, the largest market for Chinese slabs, dropped by nearly half to 398,000 tonnes. Exports to ASEAN countries, mainly Indonesia and Thailand remained relatively insignificant.
Exports of high-carbon semi-finished steel (carbon content>=0.25%) saw a remarkable increase in 2024, jumping from 681,000 tonnes in 2023 to reach 2.06 million tonnes. China exported high-carbon semi-finished steel to a variety of countries, with major destinations including Indonesia, Philippines and Taiwan.
China’s import of semi-finished steel continued to decline since 2022, reflecting the country’s resumed domestic production from the pandemic pause, which has enabled it to substitute imports. The significant decline in its imports and the robust increase in exports, especially in 2024, highlights a substantial growth in China’s semi-finished steel production as its strengthened position in the global market as an exporter.
Source:SEAISI
