Amidst concern about CNY devaluation, Mexican steel imports from China up in H1

Thursday, 20 August 2015 01:24:41 (GMT+3)   |  
       

Mexican imports of finished steel from China in H1 rose 112.5 percent, year-on-year, the nation’s Chamber of the Iron and Steel Industry (CANACERO) said this week, while expressing its concerns on the impact the devaluation of the CNY will bring for the country’s steel industry.

According to CANACERO, the 4.06 percent devaluation of the Chinese CNY will affect the nation’s steel industry in a “very important way”, since the issue of the imports of steel from the Asian country “at unfair conditions” is expected to continue.

“By devaluing its currency instead of valuing it, China reflects that it chose to artificially make its steel products cheaper in the export market. It gives up its growth in the domestic market and elects the export market,” the association said, adding China has decided to follow a non-market economy. 

In a statement, CANACERO argued that the artificially lower prices for the Chinese steel will help the country to keep its dominant position as a steel exporter at the same time the move will help it to “control” the supply and “almost unilaterally influence” steel prices.

CANACERO also said the move puts at risk 70 percent of the steel Mexico exports to the US.

According to CANACERO, the trade balance of the Mexican steel industry in H1 had a 4.65 million mt deficit of steel, 55.8 percent up, year-on-year.

 


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