Manzhouli steel exports triple in first two months of 2011

MANZHOULI customs recorded a steel export volume of 10,000 tonnes in the first two months, surging 330 per cent year on year, valuing US$10.9 million, increase 350 per cent, Xinhua reports.


Steel exported under common ways of trade weighed 9,000 tonnes, increased by a sharp 590 per cent. Those under way of petty border trade weighed 1,000 tonnes, up 14.6 per cent. State-owned enterprises accounted for 7,000 tonnes of steel export, soaring more than 2,500 per cent. Private companies took up 3,000 tonnes, up six per cent.


The sharp growth is a result of the thriving demand from Russia. Russian government is subsidising the "trade old for new car" scheme to revive the automobile industry. Meanwhile, the government is pouring money onto infrastructure and industrial upgrade, encouraging innovative hi-tech projects, leading to the increase of need for steel. Most of the local steel plants are operating at full capacity, but still unable to meet the strong demand.
(Source:http://www.schednet.com)