Monday, November 01, 2004
Rising US demand makes China a net exporter of steel
FT.com / World / International economy: "China became a net exporter of steel in September, a striking turnround from the previous 12 months, when the country was importingthe metal at a rate of about 40m tonnes a year to keep pace with rising industrial demand.
Last September was the first month in nearly a decade, since July 1995, that China has been a net exporter of steel. Over the year, it is expected to be a net importer of about 19m tonnes. But in September, there were net exports of 80,000 tonnes, according to a report by Macquarie Securities broker in London.
The turnround has come about through the convergence of lower-than-expected demand at home because of a slowing economy and the strength of demand overseas, particularly in the US."
Last September was the first month in nearly a decade, since July 1995, that China has been a net exporter of steel. Over the year, it is expected to be a net importer of about 19m tonnes. But in September, there were net exports of 80,000 tonnes, according to a report by Macquarie Securities broker in London.
The turnround has come about through the convergence of lower-than-expected demand at home because of a slowing economy and the strength of demand overseas, particularly in the US."
