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US’ new debt limit deal to benefit steel market

31 May 2023 15:52 reported by Stanley Wang

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The US reached an agreement about the debt limit after negotiating for two months. The agreement played an important role in stabilizing the steel market. If the agreement isn't reached, the US government will shut down, with may impact the global economy.

In China’s steel market, China exported a large amount of steel. According to data from China’s customs, in the first four months of this year, China exported steel with 28.01 million tons, hiking by 55% from the same period of last year.

Although the agreement has been reached, China still faces an oversupply of steel. Besides, the US economy is at risk of recession. Therefore, the outlook of the steel market will still be uncertain.

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