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CSI: Chinese Confidence Wanes (May 12, 2023)

China’s steel markets, and markets globally, lost confidence in April. Data shows steel demand continuing to recover, but not at the speed some had hoped. Positive Q1 data meanwhile has been followed by a slowdown in real estate and manufacturing in April. A resetting of expectations for the second half of the year is now underway.

China could still see an increase in demand over the year, but policy intervention will be needed to boost steel margins and to keep exports from pressuring global steel prices.

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