In 2023, China's steel export volume exceeded 90 million tons, of which the top three countries were Vietnam, South Korea, and Thailand.

According to statistics, in the first half of 2024, China's largest export volume was still Vietnam, reaching 6.37 million tons, with an annual growth of 73.8%. Exports to South Korea were approximately 4.42 million tons, a decrease of 2% from the same period last year. While Thailand imported 2.52 million tons, an increase of 2% over the same period.

As Chinese steel mills continue to expand export volumes and compete with prices, they have impacted local steel markets. In March this year, Vietnamese Ha Tinh Steel and Hoa Phat Steel applied to the authority for a dumping investigation of hot-rolled coils (HRC) from China and India. In July, the case was filed and a formal investigation began.

It is also reported that Hyundai Steel planned to file a dumping lawsuit against China. Thailand announced its final dumping verdict against China's HRC on August 1, with a dumping tax rate of over 30%.

In addition, Taiwanese China Steel Corp. has also accelerated its efforts to send out dumping documents before the end of September, indicating that China's steel exports have encountered heavy trade barriers.