China Jan-Nov steel product exports up 91.9 pct, imports down 19.8 pct
AFX Europe (Focus); Dec 23, 2004
BEIJING (AFX) - China exported 12.07 mln tons of steel products between January and November this year, up 91.9 pct year-on-year, while imports for the period fell 19.8 pct to 27.35 mln tons, the China Iron and Steel Association said in a statement, citing customs figures.
In November alone, China's steel products exports were about 1.92 mln tons, and imports stood at 1.79 mln tons, the steel association said.
Dong Zhihong, deputy director in the market research department of the steel association, attributed the surge in exports to the improved quality of China-made steel products and higher international steel prices.
"In the first 11 months, exports of hot-rolled steel sheet, cold-rolled steel sheet and color-coated steel sheet rose 71 pct, 248 pct and 133 pct year-on-year, respectively," Dong said.
"Our steel products are now gradually being accepted by the overseas market," Dong added.
Luo Bingsheng, vice chairman of the China Iron and Steel Association, said in October that the average price of steel products in the international market is 100 usd higher than those in the domestic market.
He said imports would fall year-on-year by 30 mln tons as domestic manufacturers take advantage of higher prices overseas.
According to the National Bureau of Statistics, in the first 11 months to November profits among China's steel companies reached 91.1 bln yuan, up 66.3 pct year-on-year.
(1 usd = 8.3 yuan)
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