According to trade statistics released by China’s General Administration of Customs, the total exports reached 112.4 million tonnes, breaking through the 100 million ceiling for the very first time.

The increase continues six consecutive years of increase in steel product exports, and places even more distance between them and their closest competitor, Japan.

The spike in exports were mainly due to the economic slowdown in China, with more local producers turning to the overseas market in order to offload their steel in response to lower domestic demand and a surplus in their production.

The exponential rise in Chinese exports has caused steel prices to tumble drastically. Japan, the second largest steel producer, for one, is feeling the pinch of massive Chinese exports.

They are expecting a 4 percent dip in crude steel productions, and have seen their total crude steel output eclipsed by China’s export volume alone.