Indian media: RMB devaluation will boost China's steel exports

Foreign media, citing people familiar with the report, China's steelproducers to cut the prices of rebar and billets per ton to $ 5-10.Tangshan's private steel mills cut billets per ton FOB US $ 5, to $ 295a tonne.

In the context of whole tired, China steel products continued to expandoverseas sales. Customs data released over the weekend showed thatChinese exports in July 2015 9.73 million tons of steel, compared with840,000 tonnes last month, an increase of 20.7%; in China in January-July cumulative export of 62.13 million tons of steel, up 26.6%.

Analysis generally agreed that devaluation of the renminbi is conducive to domestic steel exports to ease excessive pressure.