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PrintThe steel products export volume of China in November decreased 1.67 million on month to 2.95 million tons, the lowest monthly figure this year, according to the latest data from China Customs.
Customs statistics also showed that the export of steel billets amounted to 30,000 tons in November, 80,000 tons fewer than October.
In the first eleven months of this year, China's steel products exports totaled 56.06 million tons, down 3.2 percent on year, and the steel billets exports, 1.27 million tons, down 79.8 percent.
Meanwhile, China's steel products import in November dropped 15 percent on year to 1.03 million tons, and iron ores import totaled 32.52 million tons, down 8.3 percent on year yet 1.9 million tons more than the previous month.
Hu Yanping, an analyst with Umetal.com, attributed the steel export slump to further deteriorating international economic situation, and expected that the Chinese government is probably to spell out new stimulus policies, e.g. to enhance the export rebate rate, so as to boost steel exports.
Analysts from MySteel noted that shrinkage in the steel export to South Korea was one of the major reasons, as exports to South Korea usually take up 20 percent of the total. Also, the price difference between the Chinese and the international markets has narrowed down, which further weakens steel plants' motivation to export.
MySteel also forecast that the steel products export in December might keep around the level of November.
"Although China cancelled the export duties on 67 steel products as from December 1, steel exports will decrease by large margins in 2009 on shrinking international demand, the influence of which on the domestic market would probably be significant." said Qi Xiangdong, vice secretary general of China Iron and Steel Association (CISA).
Sources from: www.chinamining.org
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