Gloomy New Year in Asia

摘要

Optimists among Asian steelmakers see production cuts bringing the market closer to balance soon which, they argue, means that prices should not go any lower in the New Year. However, even they do not expect an early recovery in prices, which continue to recede going forward. There is no immediate hope from demand. The trend still looks uncertain and will remain obscured by the seasonal decline in orders ahead of Chinese New Year.