CSI: The state sets the tone in 2019

CSI: The state sets the tone in 2019 (Jan. 9, 2019)

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China has just come out of a year of volatility and high steelmaking margins. In 2019 however the volatility may stay but the margins are likely to shrink. China faces a wide array of challenges, of which the trade war with the USA is only one. Weaker consumer demand, indebted developers, lower corporate profits are all likely to act as a drag on demand this year.

Overall however we expect demand to increase on the back of a growing reliance on infrastructure investment and measures to improve local government finances. Beijing is fighting back, perhaps not with a massive stimulus plan but certainly with a wide selection of the tools at its disposal.

The question now is, will Beijing do enough and how will the steel sector respond?

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CSI: The state sets the tone in 2019 (Jan. 9, 2019)

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