Production capacity has outstripped demand in China's steel-making industry, UPI quoted a trade association executive as saying. Executive Deputy Director Luo Bingsheng of the China Iron and Steel Association said the market for Chinese steel hadn't shown signs of recovery, Xinhua reported Tuesday. "The financial crisis and the domestic economic slowdown resulted in contraction in both overseas and domestic markets," Luo said yesterday. China is both the world's largest steel producer and the largest consumer, Xinhua said. The General Administration of Customs said China exported 1.91 million metric tons of rolled steel in January, a decline of 2.22 million metric tons compared with January 2008, a 53.8 percent decline.
