China posts 77% growth in steel exports in May

China's rolled steel exports remained at a high level in May despite dropping from a month earlier, sources with the Ministry of Commerce said on Thursday.

The country exported 6.17 million tons of rolled steel last month, a decline of 13.8 percent from the record level in April of 7.16 million tons, but a year-on-year growth of 76.8 percent, according to latest data from the General Administration of Customs.

Accumulative exports for the January-May period amounted to 27.44 million tons, up 116.7 percent from a year earlier.

The commerce ministry sources said enterprises had exported as much steel as possible before the government begins to impose duties on steel exports from June 1 to rein in expansion of the domestic steel industry.

China imported 7.28 million tons of rolled steel in the first five months, down six percent from the previous year.

The nation's iron ore imports stood at 161.15 million tons in the five-month period, up 21.4 percent.