China's steel market to recover in H2
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Update time : 2023-05-11 19:19:17
Taiwan's China Steel Corporation (CSC) indicated that although China's steel mills received many orders in the first quarter due to the ease of the Covid-19 epidemic, the situation didn't continue. China's purchasing managers' index (PMI) in April fell to below 50 points again. Meanwhile, the demand from downstream buyers was weak, but the supply didn't decrease. Therefore, the surplus steel was exported to foreign countries.
CSC forecasted that the steel market in China had reached the bottom and started to rebound. Steel mills would cut their production, and the social inventories hit a record low in the same period of the last three past years. Besides, the government strengthened to implement stimulated economic policies. The steel market in the second half year was expected to recover.
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