The Chinese government has made it easier to control the covid. It announced positive policies for the housing market and manufacturing support schemes. The US has stronger demand for cars, new homes, and appliances. The infrastructure bill will also be approved and will support the country's steel market in the short term.
Furthermore, iron ore prices are recovering at the start of the year, with a 50% increase over last year. The decline in energy prices has encouraged the steel industry to be more optimistic about the future. Steelmaking raw materials are also in high demand.