China’s steel exports are on track to hit an eight-year high in 2024, flooding the global market with inexpensive supply and raising concerns about escalating trade tensions. The world’s largest steel producer is projected to export over 100 million tonnes this year, surpassing the 2016 peak, according to MySteel, a Shanghai-based consultancy. The surge in exports is attributed to a decline in domestic demand in China, prompting producers to seek markets abroad. Steel exports have already reached record levels in the first half of 2024, with Southeast Asia and Europe being key destinations. Experts warn that this influx of low-cost steel could put pressure on prices and create friction with other steel-producing nations.