China’s steel exports have hit a record level this year at more than 100m tonnes, illustrating how the country is relying on global sales to help reduce surplus production.
Rising Chinese exports of processed raw materials from steel to aluminium have helped pushed commodity prices down to their lowest level in almost a decade, hitting the shares of global miners and steel producers.
A weaker currency is likely to help China’s exporters even further. The renminbi traded at a four-year low yesterday, after the People’s Bank of China cut its reference rate to the lowest level since 2011.
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