The depreciation of the RMB against the US dollar has improved the export competitiveness of China's steel products and consumable steel products. Since the beginning of this year, the monetary policies of China and the United States have been at odds. While the Federal Reserve aggressively raised interest rates, China’s monetary policy was mainly based on China, implementing a relatively loose monetary policy, cutting the reserve ratio and interest rates several times, resulting in the spread of the Sino-US currency interest rate and the depreciation pressure of the RMB against the US dollar. On September 15 this year, the exchange rate of the offshore RMB against the U.S. dollar fell below the "7" integer mark, and it also fell below the "7.2" mark recently, which is the first time since February 2008 that it has fallen below this mark.

China's exports continued to exceed expectations in August this year. According to statistics, in the first eight months of this year, my country's exports (RMB) increased by 15.2% year-on-year, of which exports increased by 12.8%. In the export of goods, the national export of steel products in August was 6.653 million tons, a year-on-year increase of 21.8%. While the month-on-month decrease, the year-on-year growth rate continued to increase significantly. From January to August, my country exported 45.825 million tons of steel, a year-on-year decrease of 3.9%, and the year-on-year decline narrowed by 3 percentage points. In 2022, it is increasingly likely that China's steel exports will turn to rise.

Commodity prices are affected by major international money supply, interest rate, exchange rate and other financial factors, as well as aggregate supply and demand and the balance between supply and demand of individual varieties. Behind this, international capital and geopolitical forces are influencing the market, and such game begins to destroy market trading rules.