China switches back to become net importer of steel in March
【2009-4-10】
It is reported that China switches back to being a net importer of steel products in March after more than three years as a net exporter, as global recession erodes overseas demand.
Mr Shan Shanghua secretary general of China Iron & Steel Association said detailed figures about steel imports and exports in March are yet to be released but China would revert to a net importer of steel in the month.
As per report China imported over 1 million tonnes of steel products in March mainly from Russia and Kazakhstan but export dropped further.
China's steel exports have fallen for two consecutive months, with shipment fell to 1.91 million tonnes in January and 1.56 million tonnes in February down by 54.6% and 49.7% respectively from a year ago.
Insiders said the price differential between home and overseas markets as well as the strong RMB also increases exports difficulties.
(Sourced from.Mysteel.net)
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