In 2023, China suffered from sluggish domestic demand, a weak Chinese Yuan exchange rate, and favorable export competition. Steel exports reached 90.26 million tons, a record high in seven years. Because of unfair trade practices, Chinese steel has seriously affected the international steel markets in various countries.

Anti-dumping policies of different countries have come to the fore. Europe, the US, Brazil, India, Indonesia, and Mexico have seen backlash and plan to raise tariffs in retaliation to China. The US and the EU have threatened to raise trade barriers against Chinese electric vehicles and renewable energy products. Brazil and Indonesia have joined the anti-dumping camp against Chinese steel and ceramics.

However, this year's cumulative annual growth rate of China's steel exports from January to March was as high as 30.7%. If China's steel exports continue to grow significantly, it may accelerate the pace of protectionism in the global steel industry.