This apparent imbalance between high steel production and declining demand has significantly affected the sector. The persistently high prices of raw materials caused a significant contraction in the profits of steel producers.
Despite these difficulties, promising signs are beginning to emerge in the market as we approach the end of the year. In particular, signs of recovery in the prices of cold rolled and galvanised products are creating a positive atmosphere in the sector.
Looking ahead to 2024, demand in the steel industry is forecast to increase by 2 per cent. This forecast could be a potential lifesaver for the Chinese steel industry, which is struggling to recover from a period of oversupply and low construction-related demand.
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