Record steel exports from China are undercutting foreign rivals on price, triggering complaints fromSeoul to South Africa that may signal the start of a trade conflict.
China produces about half the world’s steel and exports are on pace to exceed 80 million tons this year, the most ever, according to the China Iron & Steel Association.
That’s exacerbating trade tensions in the region as Japanese Prime Minister Shinzo Abe and President Barack Obama meet with Chinese President Xi Jinping this week in Beijing. With China’s economy slowing to levels not seen for more than two decades, producers are boosting shipments to other markets. Read more here.