Recovery of China’s automobile industry to make steel prices better
Time:Wed, 08 Jun 2022 08:26:15 +0800
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According to the China Association of Automobile Manufacturers (CAAM), the total vehicle sales in China reached around 1.77 million in May, increasing by 49.6% month on month but decreasing by 17.1% year on year. In the first five months of 2022, the vehicle sales would reach 9.46 million, dropping by 13.11% year on year.
The month-on-month increase might be caused by China’s stable economic policies and various sales promotions. However, due to the Covid-19 epidemic, the overall operation in 2022 will not be as good as last year.
Because the automobile industry recovered gradually, prices of steel were expected to be on the high side in the middle-long term.
