In the U.S., current domestic hot-rolled steel prices are a whopping $209 per ton higher than the Chinese export price. As a result, Chinese steel exports have risen to record levels.

China’s exports of steel products rose to a fresh record last month, up sharply from a year earlier, as steelmakers burdened by China’s slowdown boosted cheap exports to make up for price cuts at home.

Steel exports were 8.52 million metric tons, up 73 percent from a year earlier and 9.8 percent from August, according to data from the country’s customs administration today. Outbound shipments in the first nine months of 2014 rose to 65.3 million tons, up 39 percent from a year ago, the data showed.