Major Chinese steelmaker Baosteel has stated on an online interactive platform communicating with investors that demand for finished steel will continue to remain slack in the short term as the impact of the Covid-19 pandemic in China is not over, which will exert a negative impact on China’s economic development.
At the same time, the global economic development is facing a broad slowdown, which will also negatively affect the steel market. Baosteel said that it expects that China’s economic development will indicate an overall recovery from the middle of 2023 amid the stimulus policies issued by China and the fading impact of Covid-19, with the steel industry then expected to bottom up.
