Monetary policy is increasingly damaging!
Obviously China has a lot of steel to dump. And dumping it creates a problem for global competitors trying to sell their production at reasonable margins. But think about it this way too: if China has so much steel to dump, the Chinese aren't exactly buying up the steel as would be hoped or expected. This slowdown in Chinese demand further influences those steelmakers trying to sell into China.
Though competitors are not exactly a primary concern of China - recent efforts have been undertaken to make it cheaper for steel users to purchased Chinese domestic production. While this may alleviate some of the glut China is dumping outside its borders, it surely doesn't alleviate the pressure on other steel exports trying to capture Chinese steel demand. The latest report by the China Iron and Steel Association (CISA) showed that ...
Market Vitals | 31 July 2012 [http://blackswantrading.squarespace.com/storage/market-vitals/073112_mv_steel_south_korea.pdf] ~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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