China has re-acquired its taste for steel imports in the past few weeks due to an open window for arbitrage between its domestic market and the rest of the world.
A more controlled descent of its steel prices has made it a major importer of steel, especially semi-finished products, with markets in the rest of the world trending downward amid stringent lockdowns and reduced operating rates imposed by various governments to contain the spread of the Covid-19 virus."As long as import prices are lower than China's domestic prices, local buyers will continue to book imports," an...