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.
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