India concentrates on steel exports

If Chinese steel consumption drops by 9-10% in two consecutive months, prices could turn into a bloodbath. However, prices are currently fixed.

Amit Dixit, Vice President of Edelweiss Securities: “I would say we are entering a new kind of structural change where prices are not going to drop to what people are used to.
These production cuts, unlike in the past, are more structural in nature, as they fit so well with China's decarbonisation intentions. China is clearly taking steps in this direction and in the near term, these production cuts will only intensify as winter arrives and enters the first quarter of next calendar year when China hosts the Winter Olympics and Winter Paralympic Games.
Obviously these production cuts will remain and have an impact on prices. We have seen in the past that Chinese officials are uncomfortable with price levels. Currently, demand in China is quite weak. If you look at any PMIs or any of the more fundamental indicators like new floor areas sold, they're all down significantly, probably the lowest we've seen.” made a statement.