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CSI: China pressures ease, for now

CSI: China pressures ease, for now (Dec. 5, 2018)

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Chinese steel markets slumped through November with some of the most rapid declines in prices in months, and in some cases years. The start of December however saw a cease-fire in the US-China trade war which suddenly sent prices skyrocketing again, if only briefly. Both the sharp decline in prices and the trade war ‘agreement’ acted like a system purge for the Chinese steel market.

A quiet month is still likely to mean a weak month however, considering growing oversupply. The resolutions to high prices and the trade war in late November and early December are also temporary, setting the market up for more uncertainty in the new year.

The question now is, how far will prices drift, and what will be the next key driver?

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