China to increase steel exports after Russia-Ukraine war
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Update time : 2022-04-12 19:01:07
Asian hot-rolled coil, rebar, and scrap prices hiked in the first quarter, and it was expected the price will maintain a high level in the second quarter.
Because of the Russia-Ukraine war, the shortage of steel will keep increasing, while the gap would be filled by India, Japan, South Korea, and Taiwan's steel mills.
In this situation, China is expected to increase hot-rolled steel exports, and there are two reasons.
First, China will obtain some orders which were left by other Asian countries. Second, demands for domestic steel maintaining at a low level, the reoccurrence of the Covid-19 epidemic, depressed local real estate market, and domestic shipping shutting down made demands for domestic steel low. Coupled with the price difference between export prices and domestic prices of hot-rolled steel, export would be an ideal choice for China.
