Chinese Rebar Export Offers Reduce by USD 5-10/MT

China is using currency depreciation as a tool to stimulate exports amid shrinking domestic steel demand.

After the depreciation in Chinese currency, Yuan/RMB by around 4% against US dollars in past few days, steel exporters will be in a benefit to sell their material overseas.

Few Chinese steelmakers had also reduced export rebar offer by USD 5-10/MT after in its currency depreciation.

Shipments Surge

China is the world largest producer and consumer of steel, which is about half of the total world steel production. However due to subdued demand in its domestic market, the Chinese steelmakers are aggressively selling their material in overseas markets.

Chinese steel shipments have reached to 62.13 MnT in the 1st seven months of the current year, which is almost two-third of 93.78 MnT last year. In July’15 alone, China had exported 9.73 MnT steel products.

Global Rebar Offers as on 14 Aug’15

Source: SteelMint Research