I really don’t know where the market thinks it is going with this:
It is clear now that only incremental stimulus is coming out of China. Bloomie has a go at it:
Earlier in 2023, Beijing seemed to want to cool down the industry, a move that would help cope with weaker demand and meet emissions targets. It ordered domestic steelmakers — who contribute more than half of global production — to keep total output from exceeding last year’s level.
