China's steel exports up 1.05 mln tons in March

Apr. 14, 2008 (China Knowledge) -  China's steel exports in March surged 1.05 million tons month-on-month to 4.16 million tons, driven by the widening price gap between domestic and international markets, which extends to US$100 to US$200 per ton.

The exports in March were also boosted by the undelivered goods in the previous month and the tax rebate abolition for the exported energy-consuming goods was beginning to pay off, according to industry expert Xu Xiangchun, who expected more tightening policies to put out if monthly exports surpass 400 tons.

However, the exports in the month dropped 22.6% year-on-year, according to the latest customs figures. The total exports in the first quarter dropped 19.3% year-on-year to 11.39 million tons, with the export value up 7.6%, and the imports in the period dropped 2.1% year-on-year to 4.18 million tons.

China's exports of crude steel is expected to drop to 52.5 million tons this year from 73.07 million tons a year earlier, resulting from the government's effort to curb the exports of the alloy of iron and carbon, according to Luo Bingsheng, vice-chairmen of China iron and Steel Association.