The global economy is expected to be in a significant recession in 2023. In this situation, global demand, including for steel, may decline. As for China's domestic market, due to China's economic stabilization policy package, investment in infrastructure construction will continue to rise in 2023. In addition, China's overall investment in fixed assets is expected to rise, leading to a significant increase in demand for steel for construction.
In 2022, steel inventories in China have been significantly reduced. As of December 23, China's steel social inventory index stood at 86.1, down 6.7% year on year.
In addition, steel market participants did not stock up in winter, so in the spring of 2023 the steel market will grow. The average steel price is forecast to be higher in the first half of 2023 than in the second half. 2022.
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