It has been a brutal year for commodities of all kinds, the steel industry being no different. Prices have fallen, currency issues continue to provide pressure and there are major questions related to capacity, supply, demand and production.
But as Eurocoke Summit co-chair Neil Bristow has noted in the past, the industry is truly cyclical. And while things may look bad now the world will continue to utilize blast furnace steelmaking.
With recent construction news and indications that Chinese production is starting to slow, it seems that overall industry supply and demand will begin to shift. Europe’s top trade official recently pressured the Chinese government to continue curbing production and other moves in Europe (including the import duty and a new investigation into Chinese steel imports) might lead to a better outlook for the industry.
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