China's steel imports are hitting the steel industry worldwide

During the first ten months of 2014, China's steel exports rose 42 percent to 73.9 million tonnes. At the same time, China's steel imports also rose, but unfortunately only grew by 5 percent, reaching just over 12 million tonnes, significantly lower than the pace of Chinese steel exports. And China imports mainly high-quality steel products, in the production of which the country lacks technology.

The rapid increase in steel exports from China in the current decade has significantly weakened steel producers in many countries around the world. Furious steelmakers in the US, European countries, India and around the world felt threatened by the export of cheap steel from China. Steelmakers urged the government to impose high taxes on imports of steel products from China, which hurt the domestic steel industry, but this did not seem to work. Protests against unfair prices for steel exports from China are on the rise, with more countries joining the group.

Recently, the Arab Steel Union has stated that their steelmakers have been suffering from the impact of Chinese dumping of cheap steel on the local market, which has lowered the income of domestic steelmakers. They also complain that the products that are dumped on the steel market are of very poor quality. China is well aware of the current situation and is leaving the course beyond the growth of steel production, but its volumes remain too large for the world to digest them painlessly.