China

Discounts on raw materials from Russian sellers attract Chinese consumers

The production of finished steel fell by 4.6% in the first half of the year, and pig iron – by 4.7%

No expectations for significant improvements in July too

In May, steel consumption in the country decreased by 14%, while daily production increased during the month by 1-3%

During the last week, the value of iron ore on the Dalian Exchange decreased by 10.4%

Thanks to Chinese sellers, cheap steel from Russia enters the Taiwanese market, negatively affecting the local market

Overall, steel production fell by 8.7% in January-May due to coronavirus restrictions

The government wants to increase its influence on pricing and increase domestic production

On July 12, 2022, the European Commission will return tariffs on Chinese products after a 9-month break

At the same time, Chinese steelmakers reduced steel production by 10.3% in January-April

With the sanctions imposed, they had to find new markets and sell at a discount of up to 25%

Steel production in the country continues to grow, while demand has declined due to the coronavirus outbreak