China's crude steel net import reaches 400 thousand tons in first 10 months

12:13, November 30, 2009      

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Both products and raw materials of China's steel industry witnessed net import during the first ten months, according to China Iron & Steel Association (CISA). China's steel import and export from January to October were equivalent to 40 million tons of net import of crude steel.

Due to the slow recovery of global economy, shrinking overseas demand and growing trade protectionism actions, the decline trend of China's steel export and growing trend of steel import would remain unchanged from the end of 2009 even to 2010, said Zhang Changfu, vice chairman of the CISA, at a industrial conference.

In the first 10 months, China exported 18.41 million tons of steel products and 10 thousand tons of steel billet, equivalent to about 19.60 million tons of crude steel export, down 66.28 percent year-on-year. During the same period, China imported 14.86 million tons of steel products and 4.19 million tons of steel billet, which were equal to about 19.99 million tons of crude steel import, up by 38.04 percent. Zhang pointed out that the rapidly increasing steel output, which was the result of growing steel capacity, made oversupply in the domestic market more severe, and the increase of steel stockpile would inevitably lead to the fluctuations of steel prices.

China's iron ore import increased 138.35 million tons from January to October compared with the previous year, increasing by 36.8 percent year-on-year. In the same phase, domestic iron ore output reached about 702.66 million tons, up 36.04 million tons.

Zhang said that the disordered import trade and excessive imports led to huge iron ore stock at domestic ports, long demurrage period and hiking ocean freight, and finally caused the rise of costs in the whole steel industry.

By People's Daily Online
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