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Print[Ferro-Alloys.com] China’s slowing demand for steel is driving Chinese exports of the metal to the highest level in more than three years, flooding the Asian market with supplies at a time when producers such as South Korea’s POSCO are grappling with thinning profits.
Europe used to soak up most of China’s steel export, but the region’s protracted debt woes have forced producer like Baoshan Iron &Steel to turn their shipments to destinations closer to home. The wave of cheap Chinese exports has fuelled price undercutting among Asia’s top mills, which are expected to report profit slumps for the three months to June.
China boosted first-half exports of the metal used in cars and construction to 27.26 million tonnes, the highest for a six-month period since 2008, as domestic consumption ebbed and inventories ballooned
Traders say stockpiles of steel products in major Chinese cities have surpassed 15 million tonnes- enough to build around 350 Beijing’s National Stadium, also known as the Bird’s Nest Stadium because of its striking design.
The supply glut will likely overshadow any hopes of Beijing’s policy action to stimulate an economy that is growing at the slowest pace in more than three years, signaling that the ailing sector has yet to find a bottom.
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