China steel export rises as mills face slowing local demand

Hong Kong

CHINA is shipping ever more steel into world markets as its economy slows, leading to lower prices, reduced earnings at global producers and more trade disputes.

Mills in the country that produces half the world's steel are maintaining output as domestic demand falters, exporting the surplus. Overseas sales surged 9.5 per cent to 9.73 million tonnes in July, the highest level in six months, customs data released on Saturday showed. Exports expanded 27 per cent to 62.13 million tonnes in the first seven months, the highest ever for the period, according to data compiled by Bloomberg.