China’s exports of steel tumble 9% during November

Dec 11, 2007 | 01:27 PM | Rory Carroll

Chinese steel exports sank in November, with finished steel product shipments hitting a more than one-year low.

A combination of strong demand in China plus maintenance outages are driving prices higher in the domestic market, thereby making it unattractive for Chinese steelmakers to ship production overseas, according to Michelle Applebaum, managing director of Michelle Applebaum Research Inc., Chicago. High shipping costs and changes to certain export taxes also have played a role in the reduction of the nation's exports.

China's steel exports fell to 2.91 million tonnes in November, down 9 percent from the previous month and off 37 percent from November 2006, according to data compiled by Michelle Applebaum Research.....





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