Chinese President Xi Jinping announced in late July that China will focus on a “dual circulation” development model, which ensures a more self-reliant economy while continuing to exchange resources between the domestic and global markets. That will help China cope with “more complicated situations worldwide,” state-owned media outlet People’s Daily reported.
Reflecting an already robust domestic steel industry, China’s hot-rolled coil price dropped on Friday July 24 when a re-escalation in US-China political tensions spooked investors, but it took less than two weeks for the price to rebound and reach a new high.
Fastmarkets’ daily assessment for steel hot-rolled coil domestic, ex-whs Eastern China rebounded to 4,060-4,070 yuan ($582-584) per tonne on Monday August 3, the highest level since late October 2018, after falling to 3,930-3,950 yuan per tonne on July 24. The assessment was most recently at 4,050-4,060 yuan per tonne on August 10.