WEEKLY: Strong Yuan hits China steel exports, imports up
Oct 28, 2020 18:45
The recent appreciation of the Yuan against US dollar has been causing headaches for Chinese steel exporters while prompting some Chinese mills and traders to do some importing, especially of steel semis from the ASEAN region, Mysteel’s latest weekly report shows.
Last week on October 21, the Chinese currency climbed to a more-than-two-year high against the greenback, reaching Yuan 6.65=$1 before declining slightly to Yuan 6.69=$1 by last Friday. Chinese steel mills hoping to ship steel abroad had been raising their US-based offer prices in sync with the exchange rate movement,