According to data from China’s Bureau of statistics, in the first two months of 2023, the profits of China’s enterprises above the designated size decreased by 22.9%. Among them, steel enterprises have faced a deficit for all their products except rebar since the middle of 2022. High raw material prices might cause the situation.

Regarding the outlook for China’s steel market, both demand and supply will increase. Also, China’s economy gradually resumes, and the level of steel inventory is low. The steel prices would reach high points from March to April and October to November.