Agreed Goodheart
The attempt by China to create a single desk to control prices hasn’t worked but media scaremongering appears more successful.
ASU in China is near 1B tonnes.
”In 2022, apparent steel use (ASU) in China was equivalent to about 921 million tons of finished steel products. ASU is defined as production plus net imports minus net exports and is commonly used to measure steel demand.” https://www.statista.com/statistics/428733/apparent-steel-use-asu-in-china/#statisticContainer
What I also find interesting is little is made of other steel using segments in China such as Infrastructure, autos where consumption of steel has increased.
Then there’s the increasing export of steel from
China to about 100M metric tonnes. The next largest producer of steel is India at a dismal 140 M tonnes.
Iron ore pricd, page-96
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