China had entered 2021 with a plan to deal with the slowing economy and ensure stability. Even as it announced its targets in early March however, the world was changing. Covid in China and the Russian invasion of Ukraine have made achieving those targets much more difficult. Nevertheless, the targets set the direction of travel for this year and are already having a material impact on the steel industry.
Further impacts could be coming, in particular in terms of stimulus and trade. There is no longer such a thing as a normal year, but without doubt this year will thrown a number of new challenges at the industry.