BEIJING (Scrap Register): With the global obstruction for the metal flow from China, the steel exports from the nation went down to the lowest since February for the third time.
China shipped around 8.8 million tons in September compared with 9 million tons in August and a record 11.2 million tons a year ago, according to China’s customs. The cargoes in the initial nine months were at 85.1 million tons, increased 2.4 percent, the highest ever for the period.
China’s output has been unexpectedly resilient this year after policy makers boosted stimulus to prop up the economy. The excess supply is spilling over onto world markets, sparking protectionist measures from India to the U.S., and drawing attention from Group of 20 leaders, who pledged last month to establish a global forum to address steel overcapacity.
Rising steel output has helped lift demand for iron ore. China’s imports of the raw material soared to 93 million tons in September, the second-highest on record, from 87.7 million tons in August and 86.1 million tons a year ago, customs data showed. Inbound cargoes climbed 9.1 percent in the first nine months to 763 million tons.