China's steel exports hit an 8-year high
Eviralnews,, the Financial Times predicted in a report on Sunday that China's steel exports will reach their highest level since 2016 this year.
It is stated in this report: China's supply of cheap steel to the whole world is a threat to intensify global trade tensions.
China, the world's largest steel producer, is expected to export more than 100 million tons of steel in 2024, according to a report by MySteel, a consulting firm headquartered in Shanghai.
Vivian Young, the editor of this institute's publication, said in this report: Steel exports have reached their highest figure in the history (of this country) so far this year.
He predicted that the total export of Chinese steel for the whole year will be 100 to 101 million tons, which is the third highest export in the history of this country.
The decline in domestic demand in China, which accounts for more than 50% of global steel production, has caused the country's producers to export more to Southeast Asia and increasingly to Europe.
Ian Roper, commodity strategist at Astris Advisory Japan, said: China is sending a flood of its steel to the world and reducing prices.
He predicted that countries would react to protect their domestic producers from competition from the world's largest producer.
Meanwhile, emerging economies such as Mexico and Brazil have increased their tariffs on imports of this product this year, while other countries such as Vietnam and Turkey have launched new investigations.
The US has tripled its tariffs on Chinese steel imports, and in May, the European Union launched an investigation into Chinese coated steel products.
Canada announced new tariffs on steel last week.
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