Market caught in perfect storm of COVID-related slowdowns, weak foreign demand
For China’s steel industry — the world’s largest — winter has arrived early and is shaping up to be one of the harshest in years, with a slowing economy and escalation of the property market crisis tanking demand and evaporating profits.
The property sector, which accounts for over one-third of the country’s steel consumption, has been squeezed by a liquidity crunch and sliding sales since the end of last year. This comes amid an ever-expanding mortgage boycott by disgruntled homebuyers over stalled construction projects.
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