Speaking at the second session of the SteelOrbis Spring 2025 Conference & 92nd IREPAS Meeting taking place in Athens on April 27-29, Su Changyong, deputy secretary general of the China Iron and Steel Association (CISA) and vice chairman of the Metallurgical Council of China for the Promotion of International Trade (CCPIT), shared with the participants some figures regarding the Chinese steel market. Mr. Su said that in 2024 the crude steel production of China peaked at 1 billion mt, down 1.7 percent year on year. In the first quarter of 2025, the crude steel production of China totaled 259.33 million mt, up 0.6 percent year on year, with a daily average of 2.99 million mt in March, up 6.2 percent month on month. Meanwhile, apparent crude steel consumption in the first quarter decreased by 1.2 percent year on year. He added that the rate of decline narrowed by 2.2 percentage points compared with that recorded in the January-February period, while March saw a 3.5 year-on-year growth in apparent crude steel consumption.
Commenting on prices, the CISA official indicated that prices followed a downward trend. In particular, with the reciprocal duties from the US, the average China Steel Price Index (CSPI) sank to a very low point, almost as low as the lowest point recorded in 2024. During the January-March period of 2025, the CSPI stood at 95.59 points, down 13.66 percent year on year. He explained that steel prices saw minor fluctuations in the January-February period this year, in contrast to the distinct unilateral downward trend in the same period last year, and started to decline slightly in March of the current year.
According to Mr. Su, it is expected that in 2025 steel consumption in the construction industry will decrease, while in the manufacturing industry it will increase slightly, and that the apparent consumption of crude steel will decrease by about one percent. From the perspective of the market situation this year, the resumption of the construction season has been better compared to the same period last year. Mr. Su underlined that, given the better balance of demand and supply as well as efforts to reduce production, it is possible to be optimistic for the Chinese steel market for 2025.
Looking at the export situation from China, the CISA official said that China is mainly focused on meeting domestic market demand, and is not encouraging the export of large quantities of steel. High-priced imports of iron ore and a large number of exports of low value-added steel are not in line with China's interests and not conducive to the realization of China's dual-carbon goals. He pointed out that China needs to maintain a certain amount of steel exports both to cater to the needs of the international market and also for China's steel enterprises to test their product quality and competitiveness in the international market.
Mr. Su. said that it is expected that the steel export trade environment will deteriorate further in 2025, and the volume of exports will decline, as the tariffs imposed by the US have put some pressure on both direct and indirect steel exports. He noted that, among China’s export destinations, Southeast Asia has still the biggest share. In 2024, China's steel exports to Asia, Africa and Latin America increased significantly, while exports to Europe and Oceania increased by more than 10 percent. Last year, the combined volume of steel exported to the Asian region amounted to 75.28 million mt, with an increase of 22.6 percent year on year, accounting for 68 percent of China's total exports.
Speaking on China’s decarbonization efforts, Su said that the Chinese steel industry has the resources and tech capability to ensure carbon peaking by 2030 and to reduce total CO2 emissions by 15 percent by 2030 compared to 2020. China is targeting a 40 percent carbon reduction in the steel industry by 2040 and a 85 percent reduction by 2050, both compared to 2020, with the help of renewable energy and higher scrap usage, he added.