committed to long standing relationships including consistent supply and product innovation; therefore, it is necessary to implement a price increase.
Due to the rapid rise in steel prices, some steel traders are reluctant to sell or even limit sales at the current stage, with the expectation that the prices may go even higher later this year, according to industry research group.
In 2020, China produced 1.053 billion tons of crude steel and 1.325 billion tons of steel products, recording a year-on-year increase of 5.2 percent and 7.7 percent respectively. Aside from the decreased steel production in March due to the impact of COVID-19 pandemic, the steady steel output rise was realized in other 11 months, CISA said.
With the start of economic recovery in the second half of 2020, the country's demand for steel has elevated. Consumption of crude steel in China rose 9 percent due to the reviving construction and manufacturing sectors.
China's steel demand also elevated the global steel market. China imported 20.23 million tons of steel products in 2020 which rose 64.6 percent year-on-year. Iron ore imports hit 1.17 billion ton, an increase of 9.5 percent, the General Administration of Customs (GAC) said.
We have been already the Global steel market trend website as reference:
https://tradingeconomics.com/currencies
https://www.coatingsworld.com/contents/view_breaking-news/2021-02-25/hempel-announces-global-price-increase/
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