Chinese steel exports on the rise with support from 3 key factors
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Update time : 2023-09-13 16:10:15
Since 2023, China's steel exports have shown remarkable strength. According to statistics from the Chinese customs authorities, from January to August 2023, China's steel exports reached around 58.79 million tons, marking a year-on-year increase of 28.4%.
The strong growth in Chinese steel exports can be attributed to three key factors. First, Chinese steel and iron products continue to maintain their competitiveness in terms of pricing. Second, the devaluation of the yuan against the US dollar has expanded China's competitive advantage in the steel industry. Third, Chinese authorities have implemented foreign trade policies that support and facilitate the steel export sector.
These factors have contributed to the surge in Chinese steel exports in 2023.
