According to a report by Banchero Costa, China remains the dominant player in global steel exports, accounting for a staggering 30.7% of the total in 2024. During this period, China’s steel shipments rose by 27.6% year-over-year, totaling 66.2 million tonnes. This significant growth follows a successful 2023 marked by a 29.1% increase in exports. Notably, China’s steel exports have more than doubled since 2020, when they stood at 27.7 million tonnes.
Japan ranks second among steel exporters, contributing 12.2% to the global total. However, in contrast to China’s surge, Japan saw a slight decline of 0.5% year-over-year in 2024, exporting 26.4 million tonnes. The figures have remained relatively stable over recent years, with Japan’s exports fluctuating just slightly between 25.2 million and 27.1 million tonnes since 2020. South Korea, in third place with a 10.3% share, exported 22.3 million tonnes of steel products in 2024, reflecting a 5.9% increase compared to the previous year.
The European Union stands in fourth place, holding a 9.1% share of global steel exports. The EU’s steel exports rose by 4.1% to 19.6 million tonnes in 2024. Notable contributing countries within the EU include Belgium, the Netherlands, Germany, and Spain. Russia, however, is facing challenges; it occupies fifth place but experienced a significant drop in export volumes in 2024, down by 7.9% year-over-year. The largest importer of steel products in 2024 was again the European Union, which accounted for 16.8% of global imports, with Italy leading European imports.
Outside of Europe, the USA, Vietnam, and Turkey emerged as significant importers in the steel sector. In analyzing China’s position, the majority of its steel exports—68.8%—were loaded on Supramaxes, with key destinations including Vietnam and South Korea.