Exports soar as domestic demand weakens

Steel exports soared 39.3 percent year-on-year to 65.34 million metric tons in the first nine months of 2014 as domestic demand remained soft and prices fell, the China Iron and Steel Association announced on Wednesday.

In comparison, China imported 11 million tons of steel, up 5 percent year-on-year.

"The Chinese government has never encouraged domestic steel companies to export since the industry is a large energy consumer and its priority is to meet domestic demand," said Zhang Changfu, vice-chairman of the association.