Chinese steel was everywhere in the world for the good part of the past few years. Disheartened Iranian producers were unable to compete with low prices and downstream users sidestepped local suppliers to lower their production costs.
It proved to be a dreary time for both sides. Steelmakers entered survival mode by dialing down output and turning to exports, and users complained about the low quality of most Chinese offerings. All the while, there was more steel around than could be used.
Read more at Financial Tribune
