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| China's Nov Steel Exports Down 36.1% To 2.95M Tons |
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China's exports of finished steel products totaled 2,950,000 tons in November 2008, down 1,670,000 tons or 36.1% from a month ago (down 1,150,000 tons or 28% from a year ago), when its exports of steel ingots and semifinished steel products totaled 30,000 tons, down 73.5% from a month ago (down 82.4% from a year ago), according to Chinese customs statistics made available in Tokyo. As a result, China's finished steel exports fell short of 3 million tons for the first time in nine months since February 2008 when they stood at a total of 2,983,000 tons. In January-November 2008, China's finished steel exports totaled 56,060,000 tons, down 3.1% from 57,860,000 tons in the same period of 2007. Meanwhile, China's imports of finished steel products totaled 1,030,000 tons in November 2008, down 11% from a month ago (down 23.7% from a year ago), when its imports of steel ingots and semifinished steel products totaled 10,000 tons, down 41.2% from a month ago (down 28.6% from a year ago). In January-November 2008, China's finished steel imports totaled 14,500,000 tons, down 6.7% from 15,540,000 tons in the corresponding period of 2007. A considerable fall in China's finished steel exports in November is believed to have ensued from the world's steel market conditions in the doldrums. The nation's finished steel exports in October totaled 4,290,000 tons, indicating a high level, but they fell by as much as 2,050,000 tons from September. For the main culprit, the world's steel export markets have fast deteriorated since October. The Chinese government revoked the 5% export duty on steel products such as HR sheets from Dec 1, an easing of the steel export restrictions for the relief of domestic steelmakers amid stagnant steel demand at home. As a result, there are forecasts that Chinese export volumes of steel products will increase in December for the first time in three months. |
| last modified : Wed 17 Dec, 2008 [10:21] |
