Steel exports fall in 2008

China's steel exports dropped 5.5 percent year-on-year in 2008 after consistent growth for about a decade, the General Administration of Customs said yesterday, warning of further challenges to the industry this year.

The country's steel exports dipped to 59.23 million tons last year, while the export value increased 43.8 percent year-on-year to $63.44 billion, Customs said on its website.

Steel exports dropped 40 percent year-on-year to 1.91 million tons in January and the import of iron ore reached 32.65 million tons, down 5 percent from December 2008.