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Motilal Oswal Report
China’s December 2020 trade data exhibits a normalization of the steel trade as net steel exports turned positive YoY for the first time since the onset of the pandemic.
While the country’s steel exports rose marginally YoY for the first time in eight months, imports(which had surged approximately 100% due to supply disruption in China) also declined YoY for the first time in ten months.
Demand for flat steel remains strong, with passenger car sales up~7% YoY.
We believe demand for long steel has however moderated, possibly weighed by weakened construction activity due to weather conditions and the resurgence of Covid-19 cases in parts of the country.
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