PETALING JAYA: The bearish view on the global steel market will likely be prolonged, as steel prices and demand are unlikely to see any favourable improvement, according to CSC Steel Holdings Bhd
.
In a filing with Bursa Malaysia, CSC Steel said Europe’s energy crisis was forcing the manufacturing industry across the continent, including steel mills, to close down.
“Also, the yuan is likely to continue depreciating, which stimulates exports and consequently affects local steel prices as the weaker yuan makes Chinese goods cheaper in the global market place,” CSC Steel noted.
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