Steel exports prevent China from gaining market economy status

The flow of Chinese exports of steel products is damaging the country's market economy status, the head of the steel association said at a conference in Beijing on Saturday.

China Iron and Steel Association Secretary General Liu Zhenjiang said the 2016 price recovery created a "vicious circle." “Downsizing steel capacity is important, but controlling steel production is even more important,” he said.

China is seeking market economy status in the European Union, where its flow of steel exports, coupled with new tariffs imposed by China on foreign imports, are causing a fierce political debate, especially in the UK.