China’s exports of steel are soaring. But that is not a good sign for the economy. China has far more steel mills than it needs, a problem made worse by the country’s shrinking housing market, the most voracious consumer of the metal. Domestic steel prices have collapsed. Thousands of workers have been laid off as mills have scaled back or closed. With scant demand at home, those mills still in business have turned to foreigners as buyers of last resort. China shipped a record 100 million metric tons of steel overseas in the 12 months to the end of February, a 55 percent increase from the previous 12 months. “It’s true that companies have dumped steel globally last year,” said Louis Kuijs, the chief economist for greater China at the Royal Bank of Scotland, based in Hong Kong. “I’m sure they are happy that at least […]