China had exported 52.4 million tons of steel as of the end of August, up 36% from a year earlier as low domestic demand has left producers with a massive surplus, Bloomberg reported, citing data the news agency had complied. The price of steel rebar waiting to load at Tangshan Donghua Steel Enterprise Group fell 3.5% to RMB2,619 (US$426.50) a ton September 22, triggering a trading halt on the Shanghai futures exchange. More of the surplus is heading overseas, and could trigger trade disputes, reducing purchases. State-owned mining company and steel trader Sinosteel is also facing financial difficulties as some customers aren't paying on time, with unnamed sources saying the company's president had been removed Tuesday.
Source:
http://www.chinaeconomicreview.com/china-steel-mills-seek-buyers-abroad-oversupply
