【Steel】Major Shift in Exports: EU and Africa Surge While Southeast Asia and West Asia ...

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【Steel】Major Shift in Exports: EU and Africa Surge While Southeast Asia and West Asia Collectively Weaken!

I. Export Regions: Traditional Markets Weaken, While the EU and Africa Become the Core Growth Drivers

(1) Billet Export Regions: Strong Growth in West Asia, Africa, and Southeast Asia, While the EU and South America Decline

Billet export regions showed characteristics of "emerging market expansion and traditional market adjustment." West Asia became the largest growth market, with first-quarter exports reaching 750,000 tons, up 70.2% year-on-year, while March exports alone reached 510,000 tons, surging 125.2% year-on-year. Africa exported 620,000 tons in the first quarter, up 72.8% year-on-year, while March exports increased 65.4%, indicating continuously strengthening demand. Southeast Asia exported 490,000 tons in March alone, up 82.1% year-on-year, while cumulative exports in the first quarter remained basically flat. East Asia exported 200,000 tons of billet in the first quarter, up sharply by 124.7% year-on-year, becoming a new growth highlight.

Regarding declining regions, billet exports to the EU-27 totaled 120,000 tons in March, down 31.9% year-on-year, while cumulative first-quarter exports recorded a slight increase of 4.7%. Exports to Latin America totaled 30,000 tons in March, down 71.9% year-on-year, while cumulative first-quarter exports remained basically flat.

Chart 1: China Billet Export Performance in March 2026

Source: Mysteel Data

Chart 2: China Billet Export Performance from January to March 2026

Source: Mysteel Data

(2) Steel Export Regions: Growth in the EU and Africa, Sharp Decline in West Asia and Southeast Asia

Steel export regions showed significant divergence. The EU-27 became the biggest highlight, with first-quarter exports reaching 1.2 million tons, up 44.1% year-on-year, while March exports alone increased 32.0%, reflecting a continuous recovery in demand. Africa exported 3.89 million tons in the first quarter, up 5.5% year-on-year, showing relatively strong resilience. CIS countries exported 620,000 tons in the first quarter, up 5.6% year-on-year, recording a slight increase.

Traditional major markets generally weakened. Southeast Asia, the largest steel export destination, imported 6.89 million tons in the first quarter, down 12.6% year-on-year. West Asia imported 4.04 million tons, down 23.4% year-on-year, among which exports to the UAE, Iraq, and Iran fell by 38.4%, 47.0%, and 50.3% respectively. East Asia imported 2.43 million tons, down 16.4% year-on-year. Latin America imported 3.35 million tons, down 10.7% year-on-year. South Asia imported 1.5 million tons, down 18.2% year-on-year. North America imported 240,000 tons, down 18.6% year-on-year, reflecting generally weak demand.

Steel exports in March alone also showed regional divergence. Exports to West Asia decreased by 980,000 tons year-on-year, a decline of 47.8%. Latin America fell 20.5%, South Asia declined 30.8%, and North America dropped 16.4%. Meanwhile, the EU-27 grew 32.0%, CIS countries increased 19.2%, while Southeast Asia and East Asia remained basically flat.

Chart 3: China Steel Export Performance in March 2026

Source: Mysteel Data

Chart 4: China Steel Export Performance from January to March 2026

Source: Mysteel Data

II. Summary of First-Quarter Export Performance

First, the total export structure showed divergence. Billet exports maintained rapid growth, while steel exports continued to decline. Increased billet exports partially offset the reduction in steel exports, resulting in a slight overall decline in total exports.

Second, the product structure improved. Sharp declines in hot-rolled products dragged down steel exports, while section steel achieved strong counter-trend growth, and bar and wire rod exports remained stable. Overall, flat products underperformed long products.

Third, the regional trade pattern was reshaped. The EU and Africa became new engines for export growth, while demand in traditional major markets such as Southeast Asia, West Asia, East Asia, and South Asia weakened. In particular, exports to West Asia declined significantly, and export markets gradually shifted toward Europe and Africa.

Fourth, in March alone, billet export growth remained at a high level while the decline in steel exports widened further. West Asia was significantly impacted by geopolitical factors, and regional as well as product-category divergence became even more pronounced.

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