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. | Reuters
Exports for 2023 could easily surpass the 67.32 million metric tons shipped last year, said three analysts who expect volumes of up to 77 million metric tons.
A pick-up in construction of China-backed projects abroad after a three-year hiatus due to COVID travel restrictions also contributed to higher exports. Steel exports may fall in June but are likely to rise again in July and August, said two steel traders, noting increasing inquiries recently from Southeast Asia and South Korea.
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