A rise in Chinese steel prices has been read by some local mills as a sign of budding recovery fed by the country’s seemingly stabilising economy.
However, some analysts believe the fall in domestic demand will ultimately haul back prices as prospects of significant new investment in China’s main steel-intensive industries remains poor.
Whether its steelmakers can stage an orderly recovery is critical for a global market buffeted last year by 20 per cent year-on-year growth in cheap Chinese exports. Negative margins meant losses for steelmakers worldwide, including Tata Steel, whose decision to pull out of its British operations has put the future of UK steel production into question.
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