China’s domestic demand for steel products has been unusually weak, with both peak and off-seasons performing below expectations. The sluggish steel market prompted companies, which originally focused on domestic sales, to seek opportunities in external markets, particularly in Southeast Asia, including the Philippines, Indonesia, Vietnam, and Malaysia.
From 2021 to early 2024, China’s policies have increasingly supported the export of high-value-added steel products while restricting primary product exports. This aims to promote transformation and high-quality development in the steel industry. The demand in Southeast Asia has grown significantly, suggesting that future steel exports and domestic policy adjustments will reshape the steel market.
