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Weak RMB leads steel price to decrease
Aug 09,2019 Industry News.
The enthusiasm of Chinese steel enterprises for export quotations had increased
mainly because of the weak RMB.
The price of hotrolled coil (HRC) had been decreased by approximately US$10/ton after the strong depreciation of RMB.
After the trade war negotiation between China and the US had been broken down last week, the Chinese government had led the RMB fell below the lowest point in near 11 years, by RMB 7 against US$1.
The weak RMB could benefit Chinese steel to export and also caused the price to decrease.
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