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February 24, 2017

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Trade woes melt steel shipments

CHINA’S steel exports fell 23.2 percent year on year to 7.42 million tons in January as the number of trade barriers rose, official data showed yesterday.

The plunge in January extended the 26.8 percent fall in December, said the General Administration of Customs.

Rising trade protectionism amid a global glut has weighed on China’s steel exports, which dropped 3.5 percent to 108.4 million tons last year.

In 2016, there were 48 trade cases filed by 20 countries and regions against China’s steel products, up 29.7 percent from a year ago, said Lange Steel Information Research Center.

China, the world’s largest steel producer and consumer, has repeatedly stated the root cause of the global steel sector’s woes is a sluggish world economy and shrinking demand, and it is a global challenge that needs to be tackled jointly.

China has been cutting excessive and outdated steel production capacity, reducing output by at least 45 million tons last year, meeting its annual target.

In January, China imported 1.09 million tons of steel, up 17.7 percent year on year, customs data showed.


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