Steel price extend losses after three-day consolidation as China oversupply fears escalate By Sagar_Dua24 Metals Commodities Coronavirus China Recession
The zero-Covid policy by the Chinese administration has dented the demand for steel due to a halt in manufacturing activities. The Chinese economy is facing the headwinds of the resurgence in the Covid-19 pandemic. For the past three months, the Chinese manufacturing capacities are operating with extreme lockdown curbs. A strict restriction on the movement of men, materials, and machines has resulted in a serious fall in steel prices.
Earlier, supply constraints of steel were dictating the asset prices as most of the economies were committed to meeting their long-term goal of carbon neutrality commitments. Now, renewed demand worries in China due to the pandemic and heavy rains in some parts of China have pushed the steel prices significantly lower.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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