Asian Steel Markets Hit by Inflows of Cheap Russian Metal
- Taiwan’s China Steel Corp. says it’s monitoring imports
- Russia seeking new markets for commodities after sanctions
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Unusual flows of cheap Russian products are roiling corners of the steel trade in Asia, weighing on prices and prompting one key regional producer to warn of possible trade counter-measures.
Russia is trying to send more steel eastwards after sanctions blocked major western markets while war in Ukraine disrupted Black Sea exports, according to Asian steelmakers that monitor trade across their region. The increased volumes are set to pile pressure on markets already suffering amid China’s demand slowdown.