China’s steel industry experienced a downswing in May 2025, as the market remained on tenterhooks regarding the trade tensions with the US. May also marked the onset of the traditional off-season for the industry, with unfavourable weather conditions stalling construction activity. Key macroeconomic indicators such as crude steel production, manufacturing investment, and cement output recorded declines y-o-y in January-May, indicating a slowdown in both the supply and demand sectors. In contrast, steel exports, coal production, and automobile production maintained strong growth y-o-y.
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