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Chinese Steel Exports Surpass 100-Million Mark
12/08/2015 - China’s steel industry reached a milestone in November – for the first time it exported more than 100 million metric tons, reported BloombergBusiness.
According to the news service, Chinese steelmakers cumulatively have shipped 101.7 million tons of steel through November. The amount rivals production of the world’s second-largest producer, Japan, which made 111 million tons in 2014.
With China’s domestic demand having cooled, steelmakers have been shipping excess production overseas to make up for the difference.
“We do see steel exports in general remaining elevated as China exports its domestic surplus,” Daniel Hynes, a commodity strategist at Australia & New Zealand Banking Group Ltd., told the news service.
With China’s domestic demand having cooled, steelmakers have been shipping excess production overseas to make up for the difference.
“We do see steel exports in general remaining elevated as China exports its domestic surplus,” Daniel Hynes, a commodity strategist at Australia & New Zealand Banking Group Ltd., told the news service.
