Via Metal Miner New China tariffs may soon change the country’s steel market tactics. China continues to sit on a stockpile of steel, and it has no idea what to do with most of it. The exception, however, seems to be dumping it into foreign markets for cheap under the guise of “exportation.” China remains unable to use the bulk of this steel for its own infrastructure needs due to a decline in consumption and a stagnating economy. Therefore, export seems to be the best way out.
Meanwhile, analysts believe that while some nations continue to build their own capacity to meet local demand increase, they will have to continue to rely on Chinese steel until they reach full capacity. Iron Ore Up, but Crude Steel Production Down Along with all of this, news came out that the output of crude steel by China fell in the first quarter of 2024. However, iron ore imports and domestic production of ore increased.
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