FOCUS: Market hopeful China's 'dual circulation' policy will bolster domestic steel demand

Steel market participants anticipate China's "dual circulation" policy will to boost steel demand for the remainder of 2020, with the more self-reliant economic model aiming to offset slowdowns caused by the Covid-19 pandemic and US-China political tensions.

Chinese President Xi Jinping announced in late July that China will focus on a "dual circulation" development model, which ensures a more self-reliant economy while continuing to exchange resources between the domestic and global markets. That will help China cope with "more complicated situations worldwide," state-owned media outlet People's Daily reported.
Reflecting an already robust domestic steel industry, China's hot-rolled coil price dropped on Friday July 24 when a re-escalation in US-China political tensions spooked investors, but it took less than two weeks for the price to rebound and reach a new high.

Fastmarkets' daily assessment for steel hot-rolled coil domestic, ex-whs Eastern China rebounded to 4,060-4,070 yuan ($582-584) per tonne on Monday August 3, the highest level since late October 2018, after falling to 3,930-3,950 yuan per tonne on July 24. The assessment was most recently at 4,050-4,060 yuan per tonne on August 10.
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