This year's strong growth in China's steel exports is mainly supported by three major factors:

One is the strong competitiveness of Chinese steel products. Although the uncertainty of the world economy has increased this year, the global manufacturing industry is in a contraction range due to the downturn (Global Manufacturing PMI Index), frequent manufacturing trade frictions in the United States, and severe trade protectionism, Chinese steel, with its strong competitiveness of high quality and low price, is still favored by the international market, causing its market share to continue to expand. This also indicates that the close connection between global trade is difficult to sever, and attempting to "decouple" from Chinese goods is not in line with market economy laws.

The second is the depreciation of the RMB against the US dollar. Since the beginning of this year, due to the different directions of monetary policies between China and the United States, the gap in monetary returns between the RMB and the US dollar has widened, resulting in a certain degree of depreciation of the RMB against the US dollar, which has correspondingly expanded China's competitive advantage in steel.

The third is foreign trade policy support from the competent department. Since the beginning of this year, national regulatory authorities and governments at all levels have successively introduced a series of policies to stabilize foreign trade and promote foreign trade, creating a more positive and friendly foreign trade export environment in various aspects such as loan support and trade approval, and stabilizing and promoting trade exports, including steel.

The strong growth of China's steel exports has largely compensated for the insufficient domestic demand, promoted stable growth in total demand, and become one of the powerful engines for stable and increased domestic steel production.