China (FXI) is the world’s largest steel producer and consumer. The country’s steel overcapacity and exports have been blamed for depressing global steel prices. However, Chinese steel exports have come down sharply from their 2015 highs. In August, China exported 5.8 million metric tons of steel products, a yearly fall of 9.8%. In the first eight months of 2018, Chinese steel exports have fallen 13.3% to 47.2 million metric tons.