Export is expected to drive steel consumption in 2021

Export is expected to drive steel consumption in 2021. Due to the progress of new crown vaccine research and development, we are optimistic about the overseas economic recovery in 2021.

In December 2020, the PMI of service industry in the United States was 57.2, reaching a new high in the year. The PMI of service inventory fell to 47.7, the lowest in the year. The recovery of the economy and the elimination of the superimposed inventory indicate that the supply of goods is in short supply under the sustained economic recovery, and subsequent enterprises may take the initiative to replenish the inventory to drive the sustained economic recovery.

As the US economy represents the major developed economies in Europe and the United States, it will greatly help to improve China's export in the case of overseas economic recovery, and is expected to drive the demand for steel materials.