China's steel exports to keep strong in H2
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Update time : 2023-06-07 17:00:07
In the first half-year, China's steel products exports were high, and the trend was expected to continue in the second half-year. The high exports were because steel production in other countries was low, driving up their steel imports.
Entering the second half year, besides low production from other countries, the interest rate was expected to increase and the US dollar index rose, which might weaken the Chinese Yuan.
In addition, the US government reached a tentative agreement to raise the debt ceiling, so the concern about economic recession might ease, which further strengthens the steel demand in the international market.
Regarding the long-term outlook, the global infrastructure and renewable energy construction demand remain high. Also, China's Belt and Road initiative would make the steel requirement increase.
If these beneficial factors could be implemented, global steel demand in the next ten years would increase by more than 30% compared to 2022.
