Exports of steel from China will remain at high levels as local demand shrinks for years, according to Li Xinchuang, president of the country’s Metallurgical Planning Institute, who said mills in developed markets including the UK are struggling because their competitiveness is weak.
While export volumes won’t increase from last year’s record, they won’t decline significantly either, Li said in Hong Kong. Steel overcapacity is a global problem and China is already playing its part with proposals to close as much as 150 million tons that will put more than half a million people out of work, Li said, speaking in an interview and at a conference.
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