China's steel exports continue to rise

China's steel exports continue to rise, with exports outpacing imports for the first time in September, said China Iron and Steel Association in Shenyang(CISA).

According to statistics from CISA, China's steel exports reached a record of 1 million tons in May and continued to rise in the following months.

The exports outnumbered imports for the first time in September,1.95 million tons to 1.87 million tons.

Figures released by the General Administration of Customs (GAS)show that China's steel product imports were down 15.2 percent to 23.93 million tons in the first three quarters of this year compared with the same period of last year.

Its steel product exports jumped 67 percent to 8.63 million tons during the same period.

CISA's director Wu Xichun said this year's exports and imports are expected to be 13 million tons and 29 million tons respectively, a sharp contrast with last year's 6.96 million tons and 30.21 million tons.

As Chinese steel companies sharpen their competitive edge and produce quality products, its steel exports will continue to rise.

The soaring global price also contributes to the increase in exports.

Wu also acknowledged China's steel imports will continue to be greater than exports in the next few years despite increasing rise in exports.

China's lifting restrictions on the import of steel, together with its strong demand for steel amid a construction boom, is expected to boost its imports.

Source: Xinhua