The current global steel price collapse, whichjoins oil in a formative worldwide glut, unfortunately is signaling further deterioration of the gross domestic product recovery percentage projected by the professional “stargazers” earlier in the year.
While the current global oil glut traces its present surplus to the voluminous U.S. millions of daily crude barrels injected into limited world market demand, steel’s current price collapse is due to China’s vast overproduction. This has had no rationale in relation to global demand. At present production levels, China alone could totally requite global demand with a surplus left over.