China's property sector has been in shambles over the past few years and remains the biggest drag on domestic steel demand. The property market has trended downwards in the first quarter of 2024. With no major recovery signs in new home sales, China’s new home construction starts are likely to remain on the downwards trajectory in the foreseeable future.
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Register NowThe slowing property sector has triggered debt risks locally, leading Beijing to order local governments to downsize infrastructure projects, which has also undermined the growth momentum in infrastructure steel needs, adding to the demand slump.
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