Against the background of the volatile situation in the international market, Henan Province-based Chinese steel producer Wuyang Iron and Steel Inc. (Wuyang Steel) has reported a strong performance in its export business in the first half of 2010. During the first six months of this year, Wuyang Steel exported 92,000 mt of wide plate, equivalent to the total volume of wide plate it exported in 2009.
In 2009, the global steel markets suffered under the impact of the financial crisis which started in late 2008, with Wuyang Steel's export performance also being negatively affected. In 2010, however, the company has endeavored to expand further into the high value-added wide plate market.
Following the Chinese government's announcement of the removal of the export rebate on certain steel products, Wuyang Steel decided to complete as many export shipments as possible before July 15, the date on which the rebate cancellation became effective. In June, Wuyang Steel acheived total wide plate export shipments of 29,800 mt, twice its average monthly export shipment volume in the past.