China Steel Exports Rise, Defying Japan, U.S. Call for Curbs
- Shipments running 6.4% higher at record in first five months
- Surge in prices spurred surge in output earlier this year
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Steel exports by China, which produces half the world’s supply, increased in May after a surge in domestic prices boosted output, defying calls from competitors for the nation to rein in shipments and curb excess capacity.
The country shipped 9.42 million metric tons overseas, 3.7 percent more than April and 2.3 percent higher than a year earlier, according to customs data on Wednesday. Exports expanded 6.4 percent to a record 46.3 million tons in the first five months of the year. Sales soared after output advanced to a daily all-time high in April in response to a jump of as much as 56 percent in prices.