Global steel market to be optimistic due to stimulated policies from countries & eased COVID-19 restrictions
Time:Mon, 20 Feb 2023 09:02:23 +0800
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According to the forecast from TSR Recycling and the Bureau of International Recycling (BIR), last December, the Chinese government eased strict Covid-19 restrictions and the housing policy and tried to support the industries that faced difficulty, including the property industry and small and medium-sized enterprises, to improve the economy.
In the US, the demand for vehicles, houses, and appliances has become strong, and the country decided to implement infrastructure projects. These factors might also support the steel market in the short term.
Besides, the iron ore market is recovering. The price increased by 50% by the end of last year. Apart from that, the energy prices decreased, which made the steel market become more optimistic and further increased raw material demand for steel production.
