Steel product exports top 1.89 million tons in Liaoning

Steel product exports top 1.89 million tons in Liaoning

During the first four months of 2005, China's Liaoning Province exported 1.89 million tons of steel products carrying a total trade value of $1.262 billion, according to data from Shenyang Customs. In 2004, Liaoning Province mainly exported electric machinery products. The export value of electric machinery products for the first four months of 2004 accounted for 42.6% of total, while steel products contributed a measly 5.9% to the total value of exports. For the first four months of 2005, however, steel products comprised 17.5% of the total value of Liaoning's $7.23 billion in exports. Several factors have contributed to the surging exports of steel products in Liaoning Province. First, technical renovation in the steel industry means the steelmakers have adopted advanced steel production processes, enhancing the overall quality of steel products. During the first four months of 2005, the export value of galvanized steel and color-coated steel reached $161 million, up 71.3-fold year on year, while the export quantity totaled 228'000 tons, up 57.2-fold year on year. Second, the rising international iron ore price has pushed up the price of steel products. Finally, there is the mounting price of ferromolybdenum to consider. Ferromolybdenum processing is a huge industry in Liaoning Province, and the export value of ferromolybdenum has reached $267 million through the first four months of this year.