Steel demand in China is expected to grow by 8% in 2020, aided by government infrastructure stimulus and a strong property market. Investments in real estate grew by 4.6% y-o-y during Jan-Aug, recovering to the level of last year. Mechanical machinery output during Jan-Aug surpassed the level of 2019 by 1.2% growth while in automotive sector, the output remained 9% below the 2019 level. With retail sales also catching up in Aug, the Chinese steel demand is rapidly approaching full normality.
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