China Knowledge cited an official with the China Iron & Steel Association said export orders of iron and steel products has dropped by about 50% in the fourth quarter of this year.

Exports of iron and steel products to South Korea has risen by 38.09% YoY to 11.95 million tonnes in the first three quarters of 2008, while exports to Southeast Asia and the US went up by 3.82% and 0.57% to 7.86 million and 3.47 million tons respectively.

From January to September, exports of iron and steel products to EU and the Middle East have seen sharp decrease of 29.83% and 20.08% YoY respectively to 6.37 million tonnes and 4.32 million tonnes. The export order decrease is mainly attributable to weakening demand during the global financial crisis as well as foreign traders' wait and see attitude.