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Steel prices dropped due to weak demand in China

  Steel prices declined due to weak demand in China. The process in the country resumed, but construction and infrastructure activities still  failed despite government stimulus and PBoC liquidity injections.

Steel prices dropped due to weak demand in China

New construction starts dropped by nearly 20% year-on-year in the first several months of 2023.China’s steel industry group asked producers to cut output, while reports showed that the government could trim production by 2.5% in 2023.India's steel imports increased by over 45 percent year-on-year to 7 million tonnes, the highest increase in the last three years, due to a 500% jump in shipments for semi-finished offerings and 30-odd percent rise in finished steel imports.  

In Chinese an official data crude steel output rose almost 6.9% due to improved margins and expected demand in the peak construction activity season. In late March, the 247 interviewedChinese steelmakers profitability rose to 58.87%.

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