FX.co ★ Steel Rises Despite Weak Chinese Trade Figures

Steel rebar futures rose above CNY 3,100 per ton, hitting a one-month high, even as recent Chinese trade data showed a 5.6% year-on-year decline in steel exports to 57.87 million tons in the first half of the year. In June, exports reached 10.32 million tons, down 0.2% from May but 6.6% higher than a year earlier. Over the same January–June period, China’s steel imports fell to 2.69 million tons, an 11.3% decrease from a year ago. At the same time, Chinese steel mills reported mounting losses, as high coking coal prices and persistently weak finished steel prices continued to erode margins. Planned maintenance and production cutbacks are also expected to limit steel output in the near term.