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…Steel Demand Is Dwindling As China Grapples With New Lockdowns
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