Many mills have turned to the export market to make-up for the deficit in domestic demand, sources told Fastmarkets.
The recent depreciation in the Chinese yuan also boosted the cost-competitiveness of Chinese exports, which are typically settled in dollars.
The Chinese currency was pegged at 6.9826 yuan per $1 on February 18, compared with 6.8878 yuan to $1 a month ago, according to China’s State Administration of Foreign Exchange.
Cold rolled coil
Fastmarkets’ weekly price assessment for steel cold-rolled coil export, fob China was $505-515 per tonne on Tuesday February...