In July, the global economic recovery continued to slow down. While demand for steel in the international market remains weak, overseas plants tend to reduce production.
The low volume of steel production in Ukraine and Russia was caused by many factors, such as unresolved problems in logistics, as well as export restrictions.
As the supply of steel falls along with demand, the world price of steel continues to correct. China's steel demand will recover slightly in August, but the global market may take longer to cool down. The international steel market was expected to show slight fluctuations in August.
International steel market may fluctuate low in August
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