China to Implement Export Controls on Some Steel Products

China plans to implement a steel export licensing mechanism next year, a move that could curb outflow of the metal that has sparked trade tension across the globe. The country’s commerce ministry and the General Administration of Customs said in a joint statement on Friday that exporters would need to obtain permission to ship certain steel products starting Jan. 1. The statement didn’t provide a reason behind the decision. China’s exports of steel products expanded 6.7% to 108 million tons in the January-November period from the comparable year-earlier period, and are on track to hit a record in 2025. Exports…