Steel prices have been declining for the past few weeks after the steel mill owners halted the production of steel due to a major slump in the overall demand. The already lower demand market is expected to see more vulnerability amid renewed fears of lockdown restrictions in China.
Major Chinese cities: Shanghai and Beijing were facing the headwinds of the resurgence in Covid-19. Manufacturing activities were halted and the PMIs data was declining firmly. The pandemic fears have grown again on rising Covid-19 cases in China and the administration is likely to announce lockdown curbs to contain the same. This will lead to further loss in the steel demand in China.
