(Bloomberg) -- Steel exports from China hit the highest level since 2015, risking further frictions with trade partners that have been inundated with flows as mills boost overseas shipments amid weak domestic demand.
Exports increased to 11.2 million tons last month, just below the record reached in September 2015, according to customs data on Thursday. That brings the year-to-date volumes more than 20% above the same period in 2023.
China’s protracted slump in the property market has left mills struggling as steel is one of the most affected commodities. At the same time, the world’s biggest steel producer faces worsening trade relations with markets from Southeast Asia to Latin America as it tries to offload its surplus.
“The steel exports in October rose more than expected, showing that producers are rushing to export before possible tariffs set in,” said Ma Zhipan, analyst with Chaos Ternary Futures. He expects overseas shipments to rise even more in November and December.
Governments in Vietnam, Saudi Arabia and Chile have launched trade measures against China this year.
--With assistance from Yihui Xie and James Mayger.
(Added analyst comment in the fourth para and a chart)
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