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China's August steel exports rise 63 percent

September 13, 2008
International Business Times

BEIJING - China's net steel exports soared 63.3 percent in August to a record monthly high despite weaker global demand and government curbs, according to data reported Saturday.

August exports were 7.7 million tons while net imports fell 7.6 percent from the year-earlier period to 1.3 million tons, for a net monthly figure of 6.4 million tons, the Xinhua News Agency said, citing the Chinese customs agency.

The government has been trying to restrain growth in steel exports because it deems the industry too dirty and energy-intensive.

Chinese steel exports for the first eight months of the year fell 7.2 percent to 41.8 million tons, Xinhua said.

The government is considering increasing tax rebates to steel exporters following recent declines in overall export growth rates. But Xinhua said the latest data raised questions about whether regulators would postpone the measure.