For Zhao Yuwei, a trader of flat steel products in China’s central Henan province, the year of the water snake has not got off to a good start.
“Downstream demand is not doing well,” laments Mr Zhao. “Many of my customers haven’t started production. Some wait and see – they don’t buy steel. Others postpone their orders.”
As steel mills roar back to life after Chinese New Year, which fell in February, all eyes are on China to try to decipher the strength of demand in the world’s largest market for commodities.
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