The weakening of the yuan to a decade-low against the US dollar is causing a lot of disruption to steel trading markets in Asia, sources told Fastmarkets this week.
“The situation is very chaotic now, and bids and offers are all over the place,” a trader in East Asia said on Monday August 5.
China’s decision to let its currency weaken to such lows – which has led to accusations against Beijing that it is weaponizing its currency after United States President threatened new tariffs on Chinese products last week – has made buyers outside China hesitate to book imports amid a high possibility of prices falling further.
The People’s Bank of China listed an exchange rate of 6.9683 yuan to $1 on Tuesday August 6, compared with 6.8841 yuan to…
(Ukrainian metal)