Chinese steel exports are at an eight-year high as a property crisis undermines domestic consumption in the world’s second-largest economy and fuels concerns of global oversupply across several industries.
In the first two months of this year, Chinese exports increased 32.6 per cent against a year earlier to 15.9mn tonnes, the highest since 2016 for the period, according to figures from the National Bureau of Statistics.
Analysts believe Chinese steel exports are set to match or exceed levels from last year, when exports rose to about 90mn tonnes — the highest level in seven years — as China struggles to stimulate its economy and nascent efforts to cut production look insufficient.
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