At the Singapore Iron Ore Forum on May 17, Chinese metallurgical experts said that the EU's upcoming Carbon Border Adjustment Mechanism (CBAM) should not have much impact on China's steel industry. Because of the strong domestic steel demand in China, the export volume as a proportion of total steel production is relatively low.

According to statistics, the total output of finished steel products in China in 2021 was 1.3 billion tons, of which the export volume was 66.9 million tons, accounting for only 5% of the total output. In the past five years, the export ratio of China's steel products has continued to show a downward trend.

In addition, since China abolished export tax rebates last year, some mid- and low-end steel products have been facing more obstacles in exports.