With the pollution curbs, China could resort to importing billets from countries like India
Positive cues from China – which accounts for 56.5 per cent of global crude steel production – are likely to keep demand-supply in balance and provide support to prices.
All eyes have been on China, which opened last week after New Year holidays, as it was widely expected that prices would recover post-holidays after the weakness in January.
Jayanta Roy, senior vice president, ICRA pointed out, barring last year when Covid-related restrictions affected China's steel demand in February 2020, historical trends show a typical upward movement in steel prices post-new year festivities.
First Published: Feb 22 2021 | 1:08 PM IST