business

China sees rise in steel imports in Sept.

BEIJING, Nov. 22 (Xinhua) — China’s import of steel hit a new high in September, according to the Ministry of Industry and Information Technology (MIIT).

The country had imported 2.89 million tonnes of steel in September, with the import price averaging 689 U.S. dollars per tonne, data from the MIIT showed.

In the first nine months, China imported 15.07 million tonnes of steel, up 72.2 percent year on year and exported 40.39 million tonnes, down 19.6 percent year on year, the data showed.

China’s steel market witnessed hot demand in 2019 thanks to the steady operation of infrastructure building, real estate and other downstream industries.

Steel consumption totaled about 880 million tonnes in 2019, up 6 percent year on year from 2018, according to the China Iron and Steel Industry Association.

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