China's steel market participants expect that the country will export more steel in 2021 than in 2020 with the recovery of demand worldwide, Fastmarkets heard on Tuesday January 26.
While the country's steel exports fell by 16.5% year-on-year in 2020 to 53.67 million tonnes, market participants believed that performance would improve this year, based on the recovery of global business activity from the effects of the Covid-19 pandemic.
JPMorgan, a financial services provider based in the United States, has reported that global manufacturing output expanded in November 2020 at its fastest pace since January 2018. It added that the global Purchasing Managers' Index (PMI) for the manufacturing sector in November was 53.7, a 33-month high, up from 53.0 in October.
"I believe the global economy will show faster growth in 2021 than last year because, despite the further spread of the Covid-19 virus, people worldwide have been readier to deal with the pandemic," a Hong Kong-based trader said.
"Besides," he added, "no matter how long the pandemic lasts, countries worldwide will push for economic...