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But the October exports fell by 15.5pc from a year earlier, according to preliminary customs data. January-October exports fell by 19.3pc from a year earlier to 44.43mn t.

Most October steel exports shipments were spot orders taken in late August and September when Chinese domestic steel prices were on a downwards trend. Shanghai hot-rolled coil (HRC) ex-warehouse prices fell by 220 yuan/t ($33/t) during 31 August-30 September against an increase of Yn100/t for 30 July-31 August.

Prices were under pressure from record output and rising inventories. China's crude steel output hit a record pace of 3.09mn t/d in September after setting a monthly high in August. January-September steel output rose by 4.5pc to 781.59mn t, according to national bureau of statistics data.

• [Editor:kangmingfei]