China's semi-finished steel exports surged 29% in the first quarter of 2026, hitting 1.53 million metric tons in March alone. The jump reflects surplus production capacity as domestic demand, especially from the property sector, remains weak. Chinese mills are redirecting billets & slabs to global markets, bypassing some trade barriers targeting finished steel. The surge is pressuring steel prices across Southeast Asia, the Middle East & Africa, prompting calls for stronger import protections worldwide.