Steel prices in China slump on rising inventories — and US protectionism isn’t helping
Trump’s 25% tariffs on US imports is stoking concerns that steel blocked by the move could wash back into global markets
Singapore — Steel’s had a bad week. Prices in China have slumped as inventories rise in the country that makes half the world’s supply, and increasing US trade protectionism may only make matters worse. Stockpiles in China could be set to expand even further as mills prepare to ramp up output after the end of winter curbs. And now US President Donald Trump has slapped 25% tariffs on US imports, with some exemptions, stoking concerns that steel blocked by the move could wash back into global markets. A growing fear, too, is that retaliation from countries targeted by the tariffs will spill over into other products and escalate into a global trade war, hurting the world economy and demand for everything from copper to crude oil. China, the biggest consumer of commodities, has already said it will take "strong" measures to protect its interests. Futures for steel reinforcement bar (rebar), a benchmark product used in construction, plunged 7.8% this week in Shanghai, the worst performan...
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