At the Singapore Iron Ore Forum on May 17, Chinese steel experts said the upcoming EU Carbon Border Management Mechanism (CBAM) should not have much of an impact on China's steel industry. Due to strong domestic demand for steel in China, the share of exports in total steel production is relatively small.
According to statistics, the total output of finished metal products in China in 2021 amounted to 1.3 billion tons, of which 66.9 million tons were exported, which is only 5% of the total production. In the past five years, China's steel product export share continues to show a downward trend.
In addition, since China canceled export tax exemptions last year, some mid-range and low-end steel products have faced greater export hurdles.
EU carbon tariffs have had limited impact on China's steel industry
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