Market Data
February 4, 2020
CRU: Steel Prices in Sharp Decline as China Returns from Holiday
Written by Erik Hedborg
By CRU’s China Steel Team, with Senior Analysts Richard Lu and Erik Hedborg.
On Monday, Feb. 3, financial markets and commodity trade resumed after the extended Chinese New Year (CNY) holiday caused by the outbreak of the novel coronavirus (2019-nCoV). Equity markets fell sharply as fears of economic slowdown prompted investors to push the sell button. Both steel and iron ore prices also fell sharply at the start of the week on expectations of weak steel demand for the rest of February.
