Steel Demand Is Dwindling As China Grapples With New Lockdowns ...Middle East

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Steel Demand Is Dwindling As China Grapples With New Lockdowns
Steel prices for hot-rolled coil in Europe have started to decline as end-users push back from earlier offers. Meanwhile, benchmark iron ore prices in China dropped, due to the country’s zero-Covid policy. One analyst noted that steelmakers in Europe are cutting back their production. “Steel would get a bit of support from production cuts … crude was down 6.8% in Q1 year on year,” one analyst told MetalMiner, referring to the World Steel Association’s (Worldsteel) global numbers. Global crude production for the first…

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