SUBSCRIBERS
Yuan slump spells more gloom for steel, aluminium producers
Export of metals from China, which is already surging due to domestic surplus, will gather steam as prices fall
Add BT as a preferred sourcePublished Thu, Aug 13, 2015 · 09:50 PM
Hong Kong
IT'S just what global producers of steel and aluminium didn't need: a yuan devaluation that makes the flood of exports from the world's biggest producer even cheaper.
China's shipments of steel and aluminium, used in everything from fridges to skyscrapers, surged to a record this year as the slowing economy created a domestic surplus with nowhere else to go. The surprise move by the central bank, which spurred the biggest two-day slump in the yuan since 1994, makes the products even cheaper, threatening more pain for world rivals struggling with lower prices.
Share with us your feedback on BT's products and services
