Chinese production cuts imposed by the government on 20th March have not dented crude steel output. With demand, prices and margins this strong how are supply side cuts ever going to work? China MIIT’s target for current year output to be lower than 2020’s 1.065 billion tonnes will not be met. Also in this month’s short-term outlook: President Biden’s infrastructure bill triggers a wave of enthusiasm among US steelmakers – but don’t expect a surge in steel demand. EU HRC prices up 17% month-on-month in April – manufacturing sentiment is driving the rise and conditions are prime for a H2 price plummet. India’s integrated mills have in-house oxygen production and so face limited impact as industrial oxygen supply is re-directed towards the health sector in response to the worsening pandemic.