Steel Prices: China's Steel Exports Fall to Three-Year Low

Jul 14, 2017, 00:22
Steel Prices: China's Steel Exports Fall to Three-Year Low

But US data released earlier this month showed America's deficit in goods with China, which the White House has targeted with accusations of unfair trade, fell 6.2 percent in May to $30.1 billion.

Trade between China and North Korea grew nearly 40% in the first quarter.

While China has been angered by North Korea's repeated nuclear and missile tests, it also blames the United States and South Korea for worsening tension with their military exercises and not doing enough to get talks back on track, as Beijing has proposed.

Exports rose 11.3% in June from a year earlier, following growth of 8.7% in May, the General Administration of Customs said Thursday.

China's imports of coal totaled 2.68 million tons in the first half of the year, down 74.5 percent from the previous year.

Iron ore is among China's biggest imports from the North after it stopped buying coal this year due to the sanctions.

US President Donald Trump later complained that trade had gone up between the countries after he had called on Beijing to use its diplomatic and economic clout over its neighbour to convince Pyongyang to drop its nuclear programme.

Last week, Trump cited a Chinese Customs agency statement that two-way trade with North Korea rose 36.8 percent from a year earlier in the first quarter.

"We don't think the 100-day plan between China had much impact on steel exports in June, since the USA only takes a very small part among China's total exports", said Wang at Sinosteel Futures.

"This is a distorted picture", China's ambassador to the United States, Cui Tiankai, said in a speech to a Washington think tank on Monday.

"We hope all relevant sides can make sure that they are clear that Security Council sanctions imposed on North Korea are not comprehensive economic sanctions", Shuang said.

While China's exports were likely to remain strong, "we are sceptical that the current pace of imports can be sustained for much longer given the increasing headwinds to China's economy from policy tightening", said Julian-Evans Pritchard, China economist at Capital Economics.

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