China continues to be net steel importer

China continues to be net steel importer

Based on the statistics released by the China Iron and Steel Association, country's steel imports amounted to 29.3 million tons in 2004, down by 7.87 million tons over 2003. On the other hand, China's steel product exports rose 6.06 million tons to 14.23 million tons last year. Under these circumstances, the gap between country's steel imports and exports narrowed last year. However, analysts pointed out that the nation will continue to be a net steel importer over the next few years. China has also become a net steel billet exporter, exporting 6.06 million tons and importing 3.86 million tons of steel billets. The decline in steel imports and the keen growth in exports are attributed to the higher international steel prices than in the domestic market. China's steel prices were 30% lower than the international prices last year. It is reported that China was the world's largest steel importer, despite the decline in imports. Country's net steel imports amounted to 13.83 million tons last year. In 2003, steel imports were 36.55 million tons.