Chinese exports surge in May to weigh on softening global steel prices
Jun 10, 2010 | 01:23 PM
| Kevin Foster
A big rise in China's steel exports in May—to the highest level since September 2008—looks set to cause headaches for Beijing and pile more pressure on softening global steel tags.
How much is destined for North America is unclear, but U.S. Commerce Department licensing data shows levels on par with recent months.
China's own steel imports fell vs. April, taking its steel trade surplus to more than 3.5 million tonnes. Falling domestic tags suggest slowing demand. Steel output figures for May, due for release Friday, will make clearer the supply-demand balance, though unconfirmed reports that daily output fell fractionally from recent record levels do little to inspire confidence that mills are curbing output.....
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