business

China’s steel exports rise for third consecutive month in November

China’s steel firms registered a third consecutive monthly increase in exports in November, driven by rebounding demand in overseas markets, according to the Ministry of Industry and Information Technology.

The country’s steel exports rose 9 percent month on month to stand at 4.4 million tonnes in November and are expected to further increase in December, the ministry said.

The competitive advantages of China’s steel prices in the international market and the pick-up of overseas demand contributed to the increase in China’s steel exports, according to the ministry.

China exported about 48.83 million tonnes of steel in the first 11 months, down 18.1 percent year on year, while the country’s imports jumped 74.3 percent year on year to 18.86 million tonnes during the same period.

The country’s iron ore imports rose 10.9 percent year on year to 1.07 billion tonnes in the January-November period, exceeding the amount imported in the whole of 2019, the ministry added.

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