The only reason their domestic consumption is so high is because they produce for the whole world and they can't dump the excess steel they make or tariffs would be imposed on them again... So they overproduce a bit but keep their market share of steel globally no matter what the price is and they gradually weaken the steel industries of every other country. That's the goal. That's why they build ghost cities sometimes to absorb excess they can't sell; they sell at much steel as possible without causing a reaction.
Also, all their supply chain is built for high quality iron ore for 60% of their supply and there's no substitute for Australia yet. So I think it will be $100 for next year or 2. If they stop production of so much steel, production around the world will restart...
Just my view... I'm probably just self soothing as I'm average price of $17.50.
The only reason their domestic consumption is so high is because...
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