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According to just-released data from the Chinese National Bureau of Statistics, May finished steel exports surged 12% to a two-year high, while total steel net exports – the sum of exports less imports – rose 14.8% also to the highest level in nearly two years.

As expected, China’s overproduction of steel is spilling out into the West, and unlike mid-2010 when Chinese exports were hitting similar high levels, the rest of the world economies are already struggling with weaker steel demand.

Our full report is available to subscribers only and provides further thoughts on Chinese steel production and pricing and the implications for steel equities.

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