New construction starts dropped by nearly 20% year-on-year in the first several months of 2023. China’s steel industry group asked producers to cut output, while reports showed that the government could trim production by 2.5% in 2023.India's steel imports increased by over 45 percent year-on-year to 7 million tonnes, the highest increase in the last three years, due to a 500% jump in shipments for semi-finished offerings and 30% rise in finished steel imports.
In Chinese an official data crude steel output rose almost 6.9% due to improved margins and expected demand in the peak construction activity season. In late March, the 247 interviewedChinese steelmakers profitability rose to 58.87%.
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