Chinese Steel Exports Fall From Record Levels

China’s steel exports fell in 2016 from a record in the previous year, dragged down by improved demand at home and Beijing’s resolve to tackle overcapacity, in a relief for steelmakers elsewhere that have been hit by cheap Chinese shipments.

China’s exports could slip further this year, analysts and industry officials say, as Beijing strengthens its supply-side reforms and overseas markets fight against being flooded with Chinese products.

China’s exports of steel products fell 3.9 percent from the previous month to 7.8 million tonnes in December, customs data showed on Friday. Full-year export volumes dropped to 108.46 million tonnes from a record 112.4 million tonnes in 2015, Reuters calculations showed.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam