China’s steel exports fell by 9.9% y/y in Q1

In January–March 2026, China reduced its steel exports by 9.9% year-on-year, to 24.71 million tons. This was reported by the China Iron and Steel Association (CISA), citing data from the customs service.

Export volumes in March 2026 increased by 16.6% compared to the previous month, but decreased by 12.6% year-on-year to 9.13 million tons. The average price of these exports was $684.7/ton (-6.1% month-on-month).

Steel imports into the country in the first quarter fell by 14.1% year-on-year – to 1.34 million tons. In March, they amounted to 512,000 tons (+38.8% m/m). The average price of these imports was $1,710.3/ton (-1.7% m/m).

In January–March, China imported 314.8 million tons of iron ore (+10.5% y/y). In March, these volumes amounted to 104.7 million tons, which is 7.3% more than in the previous month. The average price of these imports in March was $99.6/t (-1.7% m/m).

As a reminder, China increased steel exports by 7.5% y/y in 2025, reaching a record 119.02 million tons. Foreign supplies helped the country offset the cooling of domestic demand. Steel imports to China last year totaled 6.06 million tons, down 11.1% year-on-year.

As reported by GMK Center, China introduced export licenses for a wide range of steel products starting in 2026. As announced, the controls apply to pig iron, semi-finished products, flat and long rolled products, as well as pipes and rail products.