Steel prices rebound on supply constraints as mills owners voluntarily reduced production By Sagar_Dua24 Metals China PMI Coronavirus
ing lower from a few trading sessions despite escalating odds of a fall in the demand for steel due to the arrival of monsoon in the Asian territory. The arrival of monsoon results in lower construction activities as monsoon rains halts the construction process, which leads to a significant fall in the demand of steel.
Now, focus will remain on the Caixin Manufacturing Purchase Managers Index which will reveal the economic activities in China. It is worth noting that China is the leading consumer of steel. As per the market consensus, the Chineseis expected to land at 47, lower than the prior print of 48.1. The economic data is expected to remain lower despite a relief from Covid-19 issues in the Chinese economy.
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