Zhao stated on Tuesday that ongoing challenges, especially in the real estate sector, could contribute to a decline in steel consumption. He said the outlook for China’s steel market remains cautious and emphasized that developments in domestic demand should be closely monitored.
Speaking at the Singapore Iron Ore and Steel Forum, Zhao emphasized that China’s steel industry is facing not only domestic economic conditions but also global regulatory developments.
In this context, the European Union’s Carbon Border Adjustment Mechanism (CBAM) may increase cost pressure on China’s steel exports. It is assessed that new carbon emission based trade regulations could raise export costs for Chinese producers and affect competitive conditions.
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