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MNI BRIEF: China Steel Market To Remain Subdued In August

MNI (Beijing)

China’s steel prices will show a limited rebound this month, following prices falling 3.3% in July, as monetary easing and an expansion of the government’s equipment trade-in scheme lends support, a report from Lange Steel, a commodity research firm in Beijing said on Thursday.

However any gains will be offset by a slowdown in manufacturing, the report continued.

Steel production will continue year-on-year declines in August due to government output limits and base effects, the report noted.

China’s consumption and importation of crude oil will slow to low single digit percentage growth in 2024 from 2023's 11.5% y/y increase, a leading Chinese energy expert has told MNI, noting industrial demand will remain robust. (SEE: MNI INTERVIEW: China Crude Oil Demand To Slow In 2024 )

MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

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