China's output of steel grew "at a fast pace" in the first 10 months of this year, the National Development and Reform Commission said yesterday.

 

Crude steel production grew 18.14 percent from a year earlier to 408.52 million tons, the commission said.

 

Production of crude iron grew 15.81 percent and production of iron ore grew 22.04 percent in the period, the commission said.

 

The steel and iron sector expanded significantly in the 10 months with two-digit gains, it said.

 

After steel exports more than doubled in 2006, China announced a range of policies, including cutting export tax rebates, imposing export taxes on some products with lower added value, and requiring export licenses for certain products.

 

Lower export growths will help control the growth in production, the China Iron and Steel Association said. It maintained its forecast for China's 2007 crude steel production at 480 million tons, up 14 percent from 2006.

 

State measures have significantly slowed steel exports, helping curb excessive growth in production.

 

The one-year growth rate for steel product exports in September was 9.14 percent, compared with 39.52 percent in August and 146.48 percent in April, the association said last month.

 

The sharp decline means government measures to limit steel exports have played a "significant effect" and these will continue in the final quarter.

 

(Shanghai Daily November 27, 2007)