Steel Exports Drop to Record Low

China's steel exports stood at 2.95 million tons in November, down 36.15 percent or 1.67 million tons from October, according to the General Administration of Customs. It marks a record low since May 2006.

From January to November this year, steel exports totaled 56.06 million tons, down 3.2 percent from a year earlier, customs statistics show.

Analysts contributed the plunge in steel exports to shrinking demand triggered by the expanding international financial turmoil and pessimistic sentiment about the future.

Meanwhile, as China earlier announced it will scrap the 5 percent or so export tariff on exports from Dec 1, some exporters have postponed their deliveries to this month.