Committed to PEOPLE'S RIGHT TO KNOW
Vol. 5 Num 863 Wed. November 01, 2006  
   
Business


China steel exports soar
Industry warns against anti-dumping moves


China's steel exports rose steeply in the first nine months as the industry association warned it would actively defend its interests against any anti-dumping measures, state media said Tuesday.

China exported 28.6 million tonnes of steel products in the January-September period, up 81 percent from a year earlier, the China Daily reported, citing the China Iron and Steel Association.

"The rapid growth was mainly the result of strong global demand for steel products and much higher prices on the international steel market," the newspaper said, citing Luo Bingsheng, vice chairman of the association.

International prices have exceeded domestic prices by up to 150 dollars per tonne in recent months, encouraging Chinese companies to export, it said.

Overseas steel makers have argued that China is suffering from capacity build-up and is now dumping its excess supply on the world markets.

China doubled its steel production between 2002 and 2005, and it now accounts for about 30 percent of global output, according to US estimates.

"We hope our disputes with foreign countries on steel exports will be resolved through dialogue," said Luo.

"However, Chinese steel companies will actively respond to any anti-dumping charges to protect our legal interests," he said.

The United States saw steel imports from China rise 192 percent in September from the same month a year ago, according to the American Iron and Steel Institute, an organization representing US producer interests.

US markets are being impacted not just directly because China exports more steel, but also indirectly, according to the institute's president, Andrew Sharkey.

"Countries that were sending their excess capacity to (China) are increasingly seeking alternative markets, such as the United States," Sharkey said in a statement last week.