Well-known Chinese news site Sina recently reported that, according to the China Steel Industry Association, China’s steel exports for this year could reach 80 million tons. China’s steel production level is half of the world’s total. With the slowdown of the Chinese economy, the Chinese steel makers are trying their best to export, maintaining very low prices. This has caused China’s international competitors, from South Korea to South Africa, to drop their prices significantly. According to Tokyo Steel Manufacturing CEO Kiyoshi Imamura, the level of China’s annual steel exports is the same as the level of Japan’s entire steel production. Japan is the second largest steel maker in the world. Chinese steel exports to the United States increased by 50 percent in September, while exports to Taiwan and India increased 400 percent. Based on Chinese customs reports, China’s steel exports this year set a historic record, enjoying a year-over-year jump of 73 percent. Experts and even the Chinese manufacturers all expressed the belief that the situation for trade disputes will significantly worsen, for sure.
Source: Sina, November 12, 2014