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***SPOTLIGHT: Chinese steel exports return to pre-crisis level
June 10, 2010 - 05:40 GMT
Location:
Shanghai
KEYWORDS:
china
,
steel
,
export
,
import
,
semis
,
May
China's steel exports in May surged to the highest level since September 2008, indicating strong overseas demand and giving Beijing more room to raise export taxes.
Exports of finished steel rose 14.6% to 4.94 million tonnes, while imports fell 9.3% to 1.36 million tonnes, according to preliminary figures from Chinese customs.
The return to pre-crisis steel export volumes may have been driven by better demand, but it will be eyed warily by overseas steel industries mulling trade complaints over Chinese exports.
It also means China is more likely to cut export tax discounts it put in place for some products last year.
“China will take precautions by lowering the export rebate to avoid more friction...
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Euromoney Institutional Investor PLC.
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