BEIJING : China is set to export the most steel this year since 2016, say analysts, as the weakening yuan and competitive prices help the world's biggest producer offload surplus metal due to weak demand at home. China's massive steel industry has been hard hit by a months-long slump in the country's huge
BEIJING : China is set to export the most steel this year since 2016, say analysts, as the weakening yuan and competitive prices help the world's biggest producer offload surplus metal due to weak demand at home.
Steel exports in the first five months were up 41 per cent compared to a year ago, customs data showed, and traders said they have recently seen improved overseas buying appetite. Demand is strong from Southeast Asia, the Middle East and Africa, said traders, with high energy costs in many countries making steel production less competitive with China's prices.
The strong exports in the first five months, coupled with lower steel imports over the same period, helped prevent a rise in inventory at home, even as domestic demand disappointed. The growing shipments are hurting producers abroad, said Tomas Gutierrez, head of data at consultancy Kallanish Commodities.
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