Steel exports rise for record fifth month

Steel exports from China, the world's largest producer, rose to a record for a fifth month as new tax rules for some shipments failed to slow sales.

The country shipped 10.29 million metric tons of steel products in January, a 52 percent rise from the same month of the previous year, according to data released by the customs administration in Beijing.

China's outbound shipments surged 51 percent to a record 93.78 million tons in 2014 as producers sought overseas buyers while domestic construction slowed and the economy cooled.