China Stainless Steel Exports to Drop in August, SMM expects

SHANGHAI, Aug. 31 (SMM) – China’s stainless steel exports were 369,200 tonnes in July, up 9.6 per cent month-on-month and 34.0 per cent year-on-year, according to China Customs. 

Export orders of stainless steel products are usually signed two months or so before being exported, so the rise in July’s exports, with orders being signed around May, is due mainly to depreciation of Chinese yuan and high production at that time, SMM learnt. 

“Exports are expected to fall in August to around 330,000-350,000 tonnes due to strengthening Chinese yuan and output declines in June,” SMM estimates. 

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