Chinese Iron and Steel Enterprises Open up New Markets in Africa and South America

With the double-digit decline in exports to the traditional largest overseas market, Southeast Asia, Chinese steel companies are looking for new export destinations in Africa and South America. According to experts, it is clear that the export opportunities for Chinese steel companies are becoming increasingly limited. Since last year, China’s steel exports to Vietnam, South Korea and other traditional markets have dropped at a double-digit rate, which reflects fierce competition from strong competitors such as Russia. In addition, anti-dumping tariffs imposed on Chinese steel products by Southeast Asian countries such as Thailand, Vietnam, Indonesia, and Malaysia have also affected China's steel exports.
Last year, exports to South America and Africa accounted for 8% of China’s steel exports. Since the beginning of this year, China’s steel exports to some countries in these regions have seen significant growth. According to the report, according to the WTO data, compared with Asian countries, fewer countries in Africa and South America implement anti-dumping duties and related trade protection measures on Chinese steel products. As Chinese steel companies gradually deepen into these markets, they may have an impact on domestic steel companies such as Brazil.