China’s vast steel industry soaks up world’s unwanted metal

BEIJING: In a curious twist to typical trade flows, the world’s dominant steel exporter has emerged as an unusual destination for unwanted shipments from overseas.

But, as mills outside China are forced to counter feeble growth, steel, albeit in small amounts, is flowing the other way. In terms of production costs, Chinese steel is dependent on imports of iron ore from as far away as Brazil and for much of the year prices have been elevated because of supply disruptions.

At about 1.4 million tons so far in 2019, the imports are insignificant compared with the 70 million tons China exported last year from over 900 million tons of domestic production.

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