China’s steel exports are poised to reach an eight-year high in 2024, exceeding 100 million tons due to declining domestic demand. This influx of low-cost steel is impacting global markets, leading to potential trade conflicts.

The US, EU, and several other countries have increased tariffs or launched investigations into Chinese steel practices. Despite these measures, China's competitive pricing is driving increased shipments to Europe.

The China Iron and Steel Association has criticized the sector for price wars, as domestic steel prices hit a near eight-year low. Financially, Chinese steelmakers are struggling, with significant losses reported and only 1% of mills currently profitable.