2026 H1 Galvanized Sheet Import and Export Review and H2 Outlook [SMM Analysis]

SMM, July 24:

       According to customs data, from January to June 2026, China's cumulative exports of galvanized sheet reached 6.7066 million mt, down 3.13% YoY ; cumulative imports were 327,500 mt, down 14.78% YoY. Overall, although China's galvanized sheet exports in H1 dipped compared to the same period last year, the decline was relatively limited , and exports exhibited strong resilience. Affected by the phased slowdown in Middle Eastern demand due to the US-Iran conflict, along with escalating overseas trade frictions, orders from traditional export markets came under pressure. Meanwhile, Southeast Asia saw sustained demand growth and a further increase in export share, becoming a key pillar supporting China's galvanized sheet exports.

I. Review of China's Galvanized Sheet Imports and Exports in H1 2026

(1) Exports: Southeast Asian Demand Growth Offset Some Market Declines

       In H1 2026, by destination, the Philippines, Thailand, and South Korea were China's top three galvanized sheet export markets, together accounting for about 31% of total exports. Southeast Asia remained the most important export market for China's galvanized sheet. Data showed that in H1 2026, galvanized sheet exports to Southeast Asia represented 36.9% of total exports, up 4.2 percentage points from 32.7% in the same period last year , making it the main supportive region for export growth in the first half.

       However, due to the US-Iran conflict that began at the end of February, end-use demand in the Middle East weakened in stages, and some orders were delayed or canceled, leading to a decline in China's galvanized sheet exports to the region . At the same time, multiple countries and regions outside China initiated anti-dumping investigations against Chinese steel products, also causing some disruptions to China's galvanized sheet exports.

       Overall, the growth in Southeast Asian markets offset the impact of declining demand elsewhere, resulting in only a slight pullback in China's galvanized sheet exports in H1.

(2) Imports: H1 Import Scale Remained Low, Down YoY

       On the import side, China's galvanized sheet imports remained persistently low in H1 2026. By source, South Korea, Japan, and Taiwan, China were the main origins of China's galvanized sheet imports. South Korea exported 126,000 mt to China, accounting for 38% of total imports, ranking first; Japan exported 93,000 mt, 28%; and Taiwan, China exported 77,000 mt, 23%. These three sources together accounted for nearly 90% of total imports, indicating a high concentration of import sources.

II. China Galvanized Sheet Market Outlook for H2 2026

       On the one hand, demand in Southeast Asia is expected to maintain a certain resilience, which will likely continue to support China’s galvanized sheet exports. Meanwhile, as the market still holds certain expectations for the subsequent infrastructure repair and reconstruction demand in the Middle East, if relevant projects are launched, this may drive a recovery in some galvanized sheet export orders, providing a certain marginal growth for the export market in H2.

       On the other hand, the international trade environment remains highly uncertain. In recent years, trade remedy investigations outside China targeting Chinese steel products have been continuously increasing, and trade barriers such as anti-dumping and countervailing duties have caused long-term disruptions to China's galvanized sheet exports. The room for improvement in export orders is expected to be relatively limited.

       Overall, underpinned by the resilience of demand in Southeast Asia and expectations for recovery in the Middle East market, China’s galvanized sheet exports in H2 will still have some support. However, affected by international trade frictions and global demand uncertainties, the degree of export recovery is expected to be relatively limited, and the full-year export volume may continue to consolidate on a subdued note.

(The above information is based on market collection and a comprehensive assessment by the SMM research team. The information provided in this article is for reference only. This article does not constitute direct investment, research, or decision-making advice. Clients should make decisions prudently and not use this as a substitute for their own independent judgment. Any decision made by clients is unrelated to SMM)