- Advertisement -
Steel futures in the China, the world’s biggest producer of the manufacturing and construction material, climbed to the highest in more than two weeks on Wednesday on hopes that the Russia-Ukraine conflict will boost demand for Chinese steel overseas.
Russia, which is facing an unprecedented wave of economic sanctions from Western allies over its invasion of Ukraine, accounts for an estimated 10 percent of global steel trade, while Ukraine has a 4 percent share, according to Huatai Futures analysts.
The supply interruption will force some major buyers to seek alternative sources, and “currently only China can fill this huge market vacancy”, they said in a note. – Reuters
- Advertisement -
