China’s indirect steel exports rose significantly for a second consecutive year amid strong demand for Chinese manufactured goods. CRU’s Global Steel Trade Service (request a demo here) now tracks indirect trade data monthly, providing detailed information by region.
Chinese indirect steel exports reach a record level in 2025
After an 18.5% y/y growth in 2024, Chinese indirect steel exports increased significantly for the second consecutive year despite rising global protectionism. As China’s long-term economic strategy is set to drive the country’s industrial sector further downstream towards higher-value products (see CRU’s Steel Long Term Market Outlook or request a demo here), Chinese manufacturers have strategically pursued new markets. This has contributed to mitigating the impact of increased protectionist measures implemented across the globe.
As a result, China’s indirect steel export volumes more than doubled in a decade (see chart below), rising by 9.3% y/y in 2025.
Rising global protectionism has forced a shift in destinations
Due to the new tariffs introduced by US President Donald Trump in 2025, which impacted the ferrous supply chain (see our related Insight here), China’s indirect steel exports to the USA declined significantly by 22.9% last year.
Meanwhile, combined volumes imported by Southeast Asia, MENA, EU+UK, and Central and South America increased by 17% y/y in 2025 – more than offsetting the decline in the USA.
In terms of market share, Southeast Asia and EU+UK are currently China’s largest destination markets for indirect steel exports, accounting for 17.5% and 17.0%, respectively, of Chinese exports in 2025. In parallel, the US shares declined from 20.3% in 2021 to 9.9% in 2025.
We estimate that the steel absorbed by the MENA region through imports of Chinese manufactured goods increased by around 70% between 2023 and 2025 (see chart below). In parallel, Southeast Asia as well as Central and South America indirect steel volumes imported from China rose by around 60% in the last two years.
The machinery and automotive & appliances sectors accounted for 30% and 21%, respectively, of total Chinese indirect steel exports in 2025.
CRU’s Global Steel Trade Service is now tracking China’s indirect steel exports monthly. We will continue to monitor steel indirect trade data and, in parallel, will adjust our forecasts for steel demand in different markets as the situation evolves.
Contact us if you are interested in regular monthly indirect steel trade data by region and sector.
