China’s finished steel exports are expected to remain high in August after a 14.0% increase in July, Shanghai Metals Market’s ferrous branch Steelease foresees.
China exported 8.06 million tonnes of finished steel during July, up 14.0% from June.
The growth, in line with Steelease’s previous prediction, was due mainly to price advantages of Chinese steel products and higher export profits.
Manufacturing activity expansion in most countries in the Northern Hemisphere and the recovery in major export destinations will leave overseas demand high. Meanwhile, low buying interest in the domestic market and higher export profits will also encourage domestic companies to increase exports in August, Steelease expects.
In addition, a weak yuan will also pronounce price advantages of domestic steel products in overseas market.