Mr Qu Xiuli, deputy secretary general of China Iron and Steel Association said that China will embrace a peak year for steel exports in 2014, with both export volume and its growth hitting record highs.

Steel mills in China at large increased exports due to a pick up in global steel market along with the economic recovery in developed economies since this year and insufficient domestic demand.

China exported 56.38 million tonnes of steel products in the first eight months of this year, up 34.3% from the same period of 2013. Imports during the period rose 4.4% YoY to 9.64 million tonnes. Net exports on crude steel equivalent hit 49.72 million tonnes, a gain of 42.7% from a year earlier.

Industry insiders said the level has already reached record highs. The export average price in January to August 2014 hit USD 795.3 per tonne down 7.5% YoY. The import average price was USD 1,249.9 per tonne, up 3.5%.

Mr Qu said that China’s steel exports are expected to keep rising in the latter half of the year, but the growth rate will pull back as the sharp rises in China’ exports have resulted in increasing international trade frictions.

He suggested that Chinese steel mills optimize the structure of export products and regional layout and enhance added value of export products so as to reduce trade frictions and improve competitiveness in global market.

Mr Xu Lejiang, chairman of China Iron and Steel Association and president of Baosteel said that “We’ll have a peak year for steel exports this year. The developing regions, such as Middle East, Africa, Southeast Asia and Eastern Europe, will be the main target regions for China’s steel exports.”