China Reports Strong Exports of Stainless Steel in June, and to Fall in July, SMM Reports

SHANGHAI, Aug. 7 (SMM) – China reported high exports of stainless steel in June, according to China Customs, nearing 400,000 tonnes. 

In June, China exported 399,000 tonnes of stainless steel in June, with January-June exports reaching 2.03 million tonnes, up 10 per cent on a yearly basis. 

SMM attributes two major factors behind strong exports. First, Chinese yuan depreciated by nearly 6 per cent in April and May, favorable exports. Second, overseas demand has been stably rising since March. 

But, SMM expects China’s stainless steel exports to fall in July as summer break in Europe in July will negatively affect exports. In recent months, China’s stainless steel exports to Europe account for around 10 per cent of China’s total. 

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