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China Steel Pours Out Faster Than Ever(1)

Source:Lucy Xie Time:2016-7-25 17:05:15

China’s steel juggernaut isn’t taking a rest. China's excellent steel enterprises——SEKO Machinery Co.,Ltd welcome you!

Contributing to a global glut, the country churned out steel at a record daily pace in June, fueling an export boom even as the U.S. and other countries raised walls of punitive import taxes meant to protect their own steel industries. Some of China’s steel-producing rivals say the country dumps steel on global markets at unfairly low prices, a charge that China denies.

Steel exports from China, the world’s top producer, in the first six months of the year hit 57.12 million metric tons, up 9% from a year earlier, according to China’s General Administration of Customs. For June alone, they reached 10.9 million tons, up 23% from a year earlier and 16% from May.

“Despite antidumping duties, Chinese steel is quite competitive,” said Hongmei Li, an analyst at the energy and commodities information provider Platts. “Prices have been recovering quite steadily in general in global markets for the first half of this year, and China has been able to keep comparatively low production cost due to relatively low iron-ore and coke prices against steel scrap.”

Chinese steel production in June averaged a record 2.32 million metric tons a day—around 69.5 million tons in all—according to the National Bureau of Statistics. Rivals can hope that China will tap the brakes soon, making good on a pledge to reduce annual capacity by as much as 45 million tons by the end of this year as domestic demand slows. China has the capacity to produce 1.2 billion tons of steel a year, and it produced about 800 million tons last year, or about half the world total.

 

(Reprinted from the economictimes.indiatimes.com)


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