The steel imports in July were mainly from orders placed in May, when the Chinese domestic steel demand rebounded strongly, as the infrastructure and property construction sectors were boosted by monetary and fiscal stimulus.
At that time, other markets were still under lockdowns or recovering from the impact of the coronavirus pandemic, making China a very attractive destination for steel, sources said.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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