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China has to cut steel exports

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China’s international commitment to cut its massive steel capacity must result in a reduction in exports, an official from the World Steel Association said, as countries around the world scrutinize Beijing’s progress tackling a huge stockpile.

The world’s biggest steel producer appears to be throwing more weight behind efforts to cut capacity, 2016 steel exports from China will still beat last year’s record 112 million tonnes.

“They have to reduce exports. Unless they reduce exports.. (the capacity cuts) are not effective,” Kazuo Tanimizu, head of the raw materials committee at the World Steel Association, said.

By the end of July, China had only achieved 47 percent of its 2016 target and steel exports in the first eight months had risen 6.3 percent from a year ago to 76.35 million tonnes.

An analyst at a UK steel consultancy believes that China’s steel exports will remain high at around 100 million tonnes a year for the foreseeable future.