Zhang Changfu, vice president of the China Iron and Steel Association (CISA), has stated that in the January-October period this year China’s crude steel output amounted to 652 million mt, equivalent to an annualized crude steel output of 783 million mt, accounting for 50 percent or above of global crude steel annual output. According to Mr. Zhang, China’s apparent finished steel consumption in January-October this year totaled 610 million mt, with the full-year figure expected to reach 730 million mt. Furthermore, in January-October this year China’s finished steel imports and exports amounted to 11.62 million mt and 51.97 million mt respectively, with year-on-year increases of 0.6 percent and 13.6 percent. Meanwhile, China’s net billet exports amounted to 42.47 million mt in January-October, while China’s net billet exports in 2013 are expected to exceed 50 million mt.
In addition, in January-October this year, the average selling price of Chinese finished steel was RMB 3,462/mt ($567.5/mt), down RMB 340/mt ($55.7/mt) or 8.94 percent year on year.