The Chinese currency slid to 6.91 yuan to $1 on Tuesday May 21, compared with 6.73 yuan per $1 on Sunday May 6, one day before US president Donald Trump announced the US would raise tariffs to 25% from 10% on $200 billion worth of Chinese imports.
Trade tensions between the two countries further escalated when China announced it would retaliate and impose duties on $60 billion worth of US goods from June 1.
Cold rolled coil
Fastmarkets MB’s weekly export price assessment for Chinese SPCC 1mm CRC was $545-550 per tonne fob China on Tuesday May 21, down $10-15 per tonne from a week earlier.
Multiple shipments of CRC were sold to Southeast...