US President Trump’s announcement of the imposition of tariffs on products from other countries will exert great pressure on global steel exports, the China Iron and Steel Association (CISA) has stated.
Meanwhile, in May, China’s steel market was in its off-season, while demand for steel will slacken further in June amid the widespread rainy weather and high temperatures. Inventory consumption has slowed down, resulting in the declining pace of stock reductions. The CISA has urged Chinese steel enterprises to take the initiative in self-discipline, with the aim to control production and stabilize prices.
As for July, the ongoing high temperatures will exert a negative impact on the demand for steel and weaken prices, the CISA noted.