Imports surge may turn China into warehouse
(CMIC)
Updated: 2009-06-15 17:22
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China’s imports of steel products from countries like Belarus have spiked since late 2008, with cold rolled coil and billet that once enjoyed a price edge being a large contributor. Experts warned if this trend goes on, China’s status as a “world factory” could be turned into a “warehouse of steel”. According to the Customs, the country imported 1.62 million tons of steel products in April, up 120,000 tons, or 7.8 percent, year-on-year and 350,000 tons, or 31.3 percent, from March. If converted into crude steel, the country imported 2.39 million tons, up 780,000 tons, or 48.2 percent, and 570,000 tons, or 35.8 percent, respectively. In April, China became a net crude steel importer of 890,000 tons, up 850,000 tons, or 19 times, from 50,000 tons in March and compared with a net export of 3.47 million tons in the same period of last year. Steel exports continued to drop to 1.41 million tons in April, down 3.36 million tons, or 70.5 percent, year-on-year and 260,000 tons, or 12.6 percent, from the previous month...
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