| Export and Import Levels | ||
| Steel export shrinks to 379, 000 tonnes in October - 20 Nov, 2008 | ||
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Customs statistics from Shijiazhuang show that Hebei steel export shrinks about 42% to 379,000 tonnes in October creating the lowest point in monthly since February with export value slashes 40% to USD 440 million at the same time. Hebei steel export has seen continuous decline in the recent two month, and the export volume has caved about 579,000 tons from its peak, 958,000 tons in Aug. Europe and Asia which used to be the 2 major steel export destinations for Hebei province are going down the drain now. From January to October cargo destined to Europe and Asia is 4.09 million tonnes and 910,000 tonnes respectively, together taking up 85% of the total. However, purchase orders from aboard reduce consecutively since August. influenced both by fluctuant steel price in domestic and the global financial crisis. Taking Tangshan Iron and Steel Co. as an example, the company only export 220, 000 tonnes steel products to Asia and 57,000 tonnes to Europe in October dropping 33% and 64.4% month on month. Citing as the customs statistics, exported steel price has been falling continuously since mid August and is expected to fall further in November given that price for export goods is usually settled 2 to 3 month ahead of the delivery. (Sourced China Economic Time) | ||
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