China Steel Exports Hit Highest Since 2016 on Weak Local Demand
- Top global producer ships out nearly 10 million tons in March
- Steel outflows from China have history of fueling trade spats
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China’s steel exports posted the strongest month since 2016, weeks after US Treasury Secretary Janet Yellen used the industry as an example to warn on Chinese overcapacity in emerging industries.
Overseas shipments reached 9.9 million tons in March, about 25% higher than a year earlier and capping a very strong quarter, according to government data. China’s prolonged property crisis has pummeled demand for steel at home, spurring traders to sell in more lucrative markets.