The supply and demand dynamics in China’s steel market look set to remain in balance over the second half of 2020 as its steel capacity expansion has slowed, while downstream infrastructure and construction demand is being aided by looser credit policies. As a result, S&P Global Platts maintains its 2020 forecast that China’s pig iron and crude steel output will increase by around 1.7% and 2%, respectively, year on year. This will take crude steel output to 1,016 million mt for 2020, up from 996 million mt in 2019, and breaching the 1 billion mt mark for the first time, Platts estimates.
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