China's steel sold in Europe

China has vast steel stockpiles, amassed during the years after Beijing’s stimulus package in 2008. But now that its economy is losing steam, China is selling its steel at prices that British and other European steel makers struggle to match.

Britain imported 60 percent of its steel last year, according to UK Steel, an industry lobby; Chinese imports make up 8 percent of Britain’s demand. The figure seems low compared with other competitors from Europe, the Middle East and Russia, said Gareth Stace, the director of UK Steel. But the pace of Chinese imports is alarming, he said, quadrupling in a matter of months, and 40 percent of Britain’s rebar, used to strengthen concrete structures, comes from China.