SHANGHAI, Jun. 11 (SMM) – China’s finished steel exports are expected to drop slightly in June, Shanghai Metals Market’s ferrous branch Steelease foresees.
The beginning of off-season in the Northern Hemisphere in June will reduce steel demand for Chinese steel products.
However, export volumes should remain high during June due to softer domestic demand, export rebate for boron-added steel products and a soft Chinese currency, Steelease estimates.
China Customs data showed that China exported 8.07 million tonnes of finished steel during May, up 7.0% month-on-month and 49.2% year-on-year, hitting a new record high, driven largely by RMB depreciation and higher profits