BEIJING (Scrap Monster): According to data released by the Chinese General Administration of Customs, the steel exports by the country during the initial 7-month period touched record highs during the year. The exports jumped 37% over the corresponding period in 2013.
As per Customs data, the sharp fall in domestic demand and the increasing demand from the US and European market pushed the country's steel products export to record highs during the period. The country's exports totaled 49.1 million tonnes, rising nearly 37% over the previous year.
The sudden rise in exports is mainly on account of increased steel demand growth in developed countries. China, having enough steel making capacities ramped up the production to take best advantage of the low raw material prices.
The steel products export for the month of July '14 totaled 8.06 million tonnes. This is 14% higher when compared with a month ago. Meanwhile, domestic steel demand fell 2.9% year-on-year in July this year.
According to Customs data, China imported 1.22 million tonnes of finished steel, nearly 8% higher when compared with the imports during the month before. The country's finished steel imports during the period from January to July amounted to 8.47 million tonnes up 5.8% when compared with the corresponding seven-month period in 2013.