Steel producers in China face a double-whammy of mounting overseas tariffs and weakened domestic demand at home.
China's steel exports will soon hit an eight-year high, before sweeping tariffs sink in and drag down the industry in 2025, industry watchers said.
China's steel exports will soon hit an eight-year high, before sweeping tariffs sink in and drag down the industry in 2025, industry watchers said.55% of the world's steel Foreign markets have been particularly crucial amid a domestic supply glut, as China's economy grapples with a prolonged property crisis and slowdown in manufacturing activities.CNBC Daily Open: In this time of uncertainty, logic is driving market movesSteel export growth has accelerated ever since, propelled by a lack of domestic demand, even as overall export growth in China slowed sharply in September on the back of a series of disappointing data that pointed to a weak economy.
But Vietnam's ongoing anti-dumping probe into hot-rolled coil could derail China's export momentum as it"impacts a much higher volume of Chinese steel," Gutierrez said."We see a Whac-A-Mole scenario," EIU's Chim said. The tariffs lead Chinese steel producers to redirect to alternative markets,"until that market, too, imposes new trade restrictions.
Meanwhile, he added, state-led infrastructure investment, which has increasingly pivoted away from roads and railways to energy infrastructure, is unlikely to fill the gap left by home builders.China's production of medium-thick hot-rolled coil -- a proxy of flat steel products -- fell 5.4% from the prior month in September, and 6.
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