China steel exports hit record high 8.5 million tons in September
BEIJING—China’s exports of steel products rose to a fresh record last month, up sharply from a year earlier, as steelmakers burdened by China’s slowdown boosted cheap exports to make up for price cuts at home.
Chinese mills habitually use exports as a means to bolster sagging domestic sales, which has often threatened to swamp global markets and led to trade friction with major importers such as Europe and the U.S. Chinese steel officials say they are trying to get mills to cut back on such exports.
September net exports of steel products reached 7.2 million metric tons, rising 4.5% from the last high posted in May. Steel exports for the first nine months of the year are up 39% to 65.3 million tons. Net exports are exports less imports.
By absolute volume, exports reached 8.5 million tons, also a record. September shipments rose 73% from a year earlier.
Analysts say the U.S. remains a top destination for Chinese steel exports, as weak manufacturing conditions and slack demand for steel spurred price cuts and exports among domestic steelmakers, according to Applied Value, a consulting firm.
