Chinese steel exports hit record in May

Contributing to the trade surplus, Chinese steel exports in May hit their highest monthly level since July 2007. The China Customs Administration reported on Wednesday that exports rose 16 percent from a month earlier to 5.56 million tons in May. But exports in the first 5 months of the year fell almost 21 percent year-on-year to 21.7 million tons.

April of last year saw Chinese steel product exports skyrocket to a record 7.2 million tons, after which the world's largest steel maker removed tax rebates and raised duties on exports to control the high-polluting industry. Analysts say the rebound indicates Chinese steel product exports may recover after several months of relatively weak trade.