Market
caught in perfect storm of COVID-related slowdowns, weak foreign demand
For China's steel
industry -- the world's largest -- winter has arrived early and is shaping up
to be one of the harshest in years, with a slowing economy and escalation of
the property market crisis tanking demand and evaporating profits.
The property sector, which accounts for over one-third of the
country's steel consumption, has been squeezed by a liquidity crunch and
sliding sales since the end of last year. This comes amid an ever-expanding
mortgage boycott by disgruntled homebuyers over stalled construction projects.