Scrap steel ex­ports surged in 2017

China Daily (Canada) - - NEWS CAPSULE -

China’s scrap steel ex­ports soared in 2017 as do­mes­tic de­mand was damp­ened, ac­cord­ing to data from an in­dus­try as­so­ci­a­tion.

The coun­try ex­ported 2.2 mil­lion tons of scrap steel last year, com­pared with just around 1,000 tons in 2016, ac­cord­ing to the China Iron and Steel As­so­ci­a­tion.

The surge came de­spite a 40 per­cent tar­iff on scrap steel ex­ports as mil­lions of tonnes of such steel was kept out of the do­mes­tic mar­ket due to a ban on the pro­duc­tion steel made from scrap metal.

Most ex­ports went to South­east Asian na­tions such as In­done­sia, Thai­land and Viet­nam.

China phased out the pro­duc­tion of 140 mil­lion tons of steel made from scrap metal last year as part of ef­forts to re­duce ex­ces­sive ca­pac­ity in the steel sec­tor.

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