Chinese steel imports hit 7 year low in December

Xinhua quoted data released by the General Administration of Customs shows that China imported less than one million tonnes of steel products in December 2008, the lowest monthly figure in seven years as economic downturn sapped demands.

Customs data showed that the imports have posted drastic slump since mid-2008 as the global financial crisis began to hurt the real economy. Only 929,000 tonnes were imported in December, sharply down from the 1.44 million tonnes in July and 30.4% less from a year ago.

A total of 15.43 million tonnes of steel products were imported last year, down by 8.6%YoY. The imports value grew 14% to USD 23.43 billion.

(Source: Xinhua)

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