Chinese steelmakers have decided to idle their operations for maintenance due to falling prices, high raw material cost and low demand in the market.
The uncertainty of the global markets and the reluctance of traders to place orders due to the stagnation of industries such as home appliances and automobile are also heavily affecting China's steel exports.
Although Chinese steel demand may remain at a low level in August, it is expected to be better than the steel market in July. Considering that September and October are the peak seasons for the steel market, cold rolled prices are likely to recover. The overall is expected to be at high level, even though the inventory may decline.
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