Chinese steel exports exceeded 10 million tonnes in a month for the first time

According to data published by the Chinese customs administration, in December 2014, the volume of exports of steel products from the country exceeded 10 million tons.

Exports of metal products in December amounted to 10.170 million tons. This is almost 5 percent up from the previous month and almost 90 percent up from the same month a year earlier. Steel exports in November 2014 exceeded 9 million tons.

Effective January 1, 2015, China abolished VAT refunds on boron-doped steel exports. In this regard, in the last months before the abolition of VAT refunds, the export of such products has grown to unprecedented volumes. It is assumed that steel exports during January 2015 are likely to return to normal levels.

China's total steel product exports totaled 93.780 million tonnes throughout 2014, an increase of more than 500 percent from a total export volume of 62.330 million tonnes in 2013.

At the same time, steel imports in the country amounted to 14.430 million tons in 2014, which is 2.5 percent more than in the previous year. Steel imports during December 2014 amounted to 1.210 million tons, which is 7.1 percent higher compared to November. Steel imports in December 2014 were lower compared to December 2013.