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China remains net importer of steel and raw material in 10 months

It is reported that China tough situation of steel export tumble and import increase is hard to be changed from the end of this year to next year. The overcapacity and high inventory will bring a new round of steel price fluctuation in the future.

Mr Zhang Changfu vice president of CISA said both China major steel products and raw materials have witnessed a net import during this January to October. This kind of bad situation caused by weak demand and trade protectionism will not be changed essentially in end 2009 or even next year.

Cases are the same for raw material. The imports of iron ore during January to October increase by 138.35 million tonnes or 36.8%YoY. The overall cost was pushed up by piling iron ore inventory and rising ocean freight, while the imports of ferroalloy was up by 85.62%YoY during January to October turning to be net import situation.

Mr Liu Weiguo president of China Ferroalloy Industry Association analyzed the soft international demand and China's high taxes of 20% to 25% on exported ferroalloy are the main drivers behind such export slump.

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