Chinese steel market status in Feb. 25th 2020
GECE PRIVATE LIMITED
India
27-02-2020
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High inventory superfluous demand is sluggish, which has formed a downward pressure on steel prices. Although most of the domestic steel market has not yet started, according to current market prices, traders' winter storage of steel is basically in a state of floating losses, and some steel mills are approaching the edge of loss.
As per current scenerio, Steel prices are going down but iron ore price is going up.
For example, on Feb 21st, steel bar price is RMB3485 per ton, but Imported iron ore price is going up (USD90.81 for 62% iron ore on Feb 21st)
Because of the weak market, all the plant has reduced the production, and more and more steel plants are going for shutdown