Chinese steel production will exceed one billion tonnes this year. Blast furnace utilisation rates are up to 95% – they cannot produce more. Even traditionally higher cost EAF producers are churning out more steel. There are no signs of a slowdown in domestic demand. Increased output of heavy machinery and yet-to-be-used special-purpose bonds suggests steel demand will benefit in the tail-end of 2020. In the EU and US tentative production restarts have commenced. But if steelmakers bring back too much, too soon, prices will slide. Who will get the balance right? Meanwhile the green-steel evolution continues. In amongst plenty of short-term hyperbole, long-term strategies to reduce CO2 emissions are beginning in Europe.