Increased lockdowns reduce local steel consumption in China
Increased lockdowns in China due to health related policies reduce the local steel consumption in China. A flood of steel exports is expected to come in near future to world steel market.
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Chinese Steel Exports expected to increase in future
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China has a gigantic production capacity for iron and steel and is the largest steel producer worldwide, with an annual crude steel production of one Billion Tons. Property sector in China used to consume 30 percent of annual steel production. New sales in Property sector have decreased by 50 percent. Chinese steel available for exports is expected to increase much more due to the steel that was consumed by property sector earlier. As much as 150 million tons of steel could be added to the steel available per year for exports.