China's March steel exports surge to 5 mt

The Chinese steel exports once again recorded a robust growth in March, with the country exporting 5.38 million tonnes, according to data released from the official Xinhua news agency and the Chinese General Administration of Customs.

The growth in exports comes at a time when the country's steel production rose 20.4 per cent y-o-y to 40.15 million tonnes in March, according to the International Iron and Steel Institute, a global industry body. The Chinese steel production accounted for 36.2 per cent of the total global output in the same period.

The Chinese government has taken several steps to curb exports, with the latest in mid-April involving cutting of tax rebates on exports of 76 steel products to 5 per cent from 13 per cent. In addition, the Chinese government had earlier announced that it planned to reduce its steel-making capacity by 35 million tonnes in CY07.

The Chinese steel exports in the first two months of 2007 were 8.75 million tonnes, a whopping growth of 139.3 per cent. The growth in steel exports was powered by its steel billet exports, which grew 87.9 per cent year-on-year to 1.12 million tonnes in the first two months.