The last two years have seen raw materials markets in turmoil as shortages and trade disruptions have first sent prices spiraling higher followed by their collapse on the back of sharp cutbacks in Chinese production. Trade has also had a tumultuous few years with the US-China showdown, Covid, freight rate surges and a range of new restrictions on exports and imports for various products. New export giants may be developing in South Asia, with India looking more like China circa 2005. Amid all this, new trade frameworks are developing as the WTO loses influence and competing trading blocs evolve. Competition and protectionism are important drivers which could dramatically shape steel trade flows in the coming years.