On the 20th, Sinosteel held a meeting on steel prices for July and the third quarter. At the meeting, it was stated that global inflation continues to decline and the countries that reduced interest rates for the first time were Europe and Canada, which will help increase investments and final consumer demand.
Sinosteel's President stated that the global economy is showing a moderate recovery and this supports the demand for steel. Economic recovery is gaining momentum as the International Monetary Fund (IMF) revises its global GDP growth forecasts.
In China, the trend of keeping steel production capacity under control and tightening in crude steel production continues. This contributes to maintaining the balance of supply and demand.
Sinosteel is also preparing to implement trade measures to prevent low-priced imports from harming the local industry. The company has completed the information and evidence gathering process and is evaluating applications for commercial solutions.
While the global steel market is supported by the increase in demand in the high technology and construction sectors, Sinosteel expects steel demand to follow a stable course in the coming months.
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