Chinese Steel Exports Likely to Hit 70 Million Tonnes This Year

BEIJING (Scrap Monster): The Chinese Customs report says that the total steel export in March was nearly 6.76 million tonnes. The first quarter of this year made an export rate of about 17.3 million tonnes. It says that if the daily steel export rate during the first quarter continues for the whole new financial year, then the total at the end will be close to 70 million tonnes- an all-time highest shipment. It would be about 8.3 percent of total rolled steel production in China, ever highest proportion since 2007.

Steel industries from three other nations- the US, Japan and India currently deliver more finished steel products than the Chinese export sales, to put the proportion into context. But, the situation is not all bad because low cost Chinese steel exports are seen detrimental to other manufacturers from the industrialized nations worldwide. This highest export figure would become a key play roll in the development of newly emerged Asian nations.

Chinese flat steel, which is undergoing a competitive price level, also enables several new South East Asian industries to be developed. This increases the employment opportunities in field of manufacturing and assembling components, which is then supplied to both eastern and western companies.