Inner Mongolia nearly doubles steel exports

Inner Mongolia nearly doubles steel exports

Through the first five months of 2005, China's Inner Mongolia province saw its exports of steel products rise 90 percent year on year to reach 168'000 tons. Flat products were the most exported steel products from Inner Mongolia, accounting for 69.7 percent of the total export quantity. Furthermore, state-owned enterprises accounted for 97.4 percent of total exports. Exports from Inner Mongolia made their way to places such as the U.S., Italy and South Korea. Several factors contributed to the surge in exports from Inner Mongolia. Faced with declining domestic prices after April and the rising costs of manufacturing, many steelmakers turned toward the international market in an effort to maximize their profits.