China increases steel exports to Russia

Amid weak domestic demand, China is ramping up its steel exports — including to Russia. In the first five months of the year, exports of iron, steel, and related products to Russia grew by approximately 16% in value terms, compared to an increase of just 1.3% in 2024. For now, exports are primarily focused on stainless and specialty steels not produced in Russia. However, in some Russian regions, standard construction-grade long products from China have already begun to appear.

According to Chinese customs data, exports of iron, steel, and products thereof from China to Russia rose by about 16% year-on-year in the first five months of this year, reaching $1.63 billion. In May alone, shipments increased by nearly 22%, totaling $355.44 million. For the full year 2024, Chinese exports of steel, iron, and related products to Russia rose by just 1.3% compared to 2023.

In May, China exported 11.95 million tons of semi-finished and finished steel products — a 6.3% increase from April and a 20.2% rise year-on-year. According to analysts, May’s shipments were the second-largest monthly volume in history. Steel production in China, according to the World Steel Association (WSA), declined by 1.7% year-on-year to 431.6 million tons between January and May.

Currently, China is exporting primarily stainless steel to Russia — a product that is not yet manufactured domestically, while demand for it continues to grow, explains Viktor Tarnavskiy, Head of the Analytical Department at Metal Supply and Sales magazine. According to him, the volume of shipments depends on demand in Russia: "Chinese producers will not be able to deliver more than what we need." However, Tarnavskiy adds that some Russian companies have also begun purchasing hot-rolled coil from China for pipe production. Chinese steel is significantly cheaper than Russian alternatives, but there are associated risks — notably, very long delivery times of up to six months and high logistics costs, he notes.

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