China Aims to Develop High Value-Added Steel, Eyes Southeast Asian Markets
[tintuc]
This year, domestic demand for steel products in China has been unusually weak, with both peak and off-peak seasons falling short of expectations. The sluggish steel market has prompted companies that initially focused on domestic sales to seek opportunities in external markets, particularly in Southeast Asia, including the Philippines, Indonesia, Vietnam, and Malaysia.
Export Policy and Market Shift
From 2021 to early 2024, China's policy has increasingly supported the export of high value-added steel products while restricting the export of primary products. This strategy aims to promote transformation and high-quality development in the steel industry.
Growing Demand in Southeast Asia
Demand in Southeast Asia has significantly increased, suggesting that future steel exports and domestic policy adjustments will reshape the steel market. Companies are now focusing on these growing markets to offset the weak domestic demand and capitalize on the rising needs in the region.
This year, domestic demand for steel products in China has been unusually weak, with both peak and off-peak seasons falling short of expectations. The sluggish steel market has prompted companies that initially focused on domestic sales to seek opportunities in external markets, particularly in Southeast Asia, including the Philippines, Indonesia, Vietnam, and Malaysia.
Export Policy and Market Shift
From 2021 to early 2024, China's policy has increasingly supported the export of high value-added steel products while restricting the export of primary products. This strategy aims to promote transformation and high-quality development in the steel industry.
Growing Demand in Southeast Asia
Demand in Southeast Asia has significantly increased, suggesting that future steel exports and domestic policy adjustments will reshape the steel market. Companies are now focusing on these growing markets to offset the weak domestic demand and capitalize on the rising needs in the region.
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