Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Hunan Valin Steel) stated at a survey that domestic automakers have been cutting prices for vehicles amid the auto giant Tesla’s price decline, which resulted in the prevailing cautious sentiments among consumers.
Demand for vehicles has slackened, which exerted a negative impact on the demand for steel plate for auto usage. However, Valin Steel also mentioned the impact will be limited.