China remains net importer raw material
According to Mr Zhang Changfu vice president of CISA ,steel products and raw materials have witnessed a net import during this January to October 09. This situation has been created as a result of weak demand and trade protectionism & not likely to change in immediate future.
Similarly the imports of iron ore during January to October increased by 138.35 million tones ie 36.8%YOY. The overall cost was pushed up by piling iron ore inventory and sea freight, while the imports of ferroalloy was up by 85.62%YOY during January to October 09 resulting in the net import situation.
The main reasons for export fall is China's high taxes of 20% to 25% on exported ferroalloy
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