As always, developments in China have had a profound impact on the global steel markets. Crucially, in China, construction activity has exceeded expectations and pushed up production, which, despite falling exports, was up around 6.3% in 2019. After China peaks in 2020, India will be the global engine of steel demand growth – albeit a somewhat smaller one. View the slide deck to catch up on the other key changes this quarter, and to get our take on: Can Chinese rebar prices remain above HR coil prices? Will US protectionism outlive its current President? Will Europe start to penalise carbon leakage and if so when?