China sharply increases steel imports

In the first ten months of this year, China recorded a rapid increase in steel imports, Report says, citing Xinhua.

According to the Ministry, from January to October, steel imports to China increased by 73.9% year-on-year to 17 million tons. Growth accelerated by 1.7 percentage points compared to the first three quarters of the year. In 10 months, China exported 44.43 million tons of steel, which is 19.3% less than in the same period of the previous year.

According to the results of the first three quarters of the year, this indicator was 19.6%. In October, steel imports into the country increased by 87.6% to 1.93 million tons, while exports amounted to 4.04 million tons, down 15.5% on an annualized basis.

In the first ten months of the year, revenues of China's major steel companies rose 7.2% year-on-year to 3.8 trillion yuan (about $ 580 billion), amid strong efforts by (the government) to stimulate the economy.