The protracted economic battle between the United States and China will rewrite the rules of global trading and will not be resolved anytime soon, steel market sources in Asia told Fastmarkets.
"The world will wait and see who is able to gain the upper hand in the end and then follow the new rules of trading set by the winner," a major trader in China said.Market sources expect the entire ferrous supply chain to experience more price volatility and uncertainty. All major downstream sectors will likely see demand affected in the near to medium term after China's Ministry of Finance said it would impose tariffs of 5-10% on...