China fuels steel market volatility
BY CAMERON DRUMMOND CHINESE steel exports to global markets is increasingly volatile as it tackles industry reforms to decrease pollution in a period of slowing domestic demand. The world’s largest steelmaking nation is reporting an increase in steel stockpiles due to sluggish demand, which has led to decreased demand for raw steelmaking materials and a drop in iron ore prices. Steel exports are down 30.5 per cent in 2018 compared with the same period last year. According to data from Steelhome Consultancy, rebar inventories held by Chinese traders rose to 9.79mt during March, the highest since April 2013. The looming possibility of a trade war between China and the US has also reduced confidence in the steel and ore markets,…