Major Chinese steelmaker Baosteel has stated on an interactive platform that China’s finished steel exports are expected to continue to move up amid the decreasing demand for steel in the Chinese domestic market, though the increase in exports will be a slow and gradual process.
According to Baosteel, exports of steel are the result of market-based choices, which will depend on the balance between the domestic and overseas markets over a certain period.
China will exert strict control over steel production capacities. For instance, capacity replacement must be implemented on the basis of the principle of reduction, signaling that a net increase in new steel production capacity will not be allowed.
China's finished steel exports increased by 40.9 percent year on year in the January-May period this year to 36.369 million mt, according to the China's General Administration of Customs (GACC).