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US dollar economic stimulus plan will boost China's steel export

Posted:2021-03-12 14:26:56

Not long ago, the US Senate passed the US $1.9 trillion stimulus package, and the house of Representatives is expected to vote on the version passed by the Senate, which will be submitted to US President Biden for signing into law. The $1.9 trillion economic stimulus plan to be implemented by the United States is actually another "big release" of money by the U.S. government. This will accelerate the economic recovery of the United States and the world, thus increasing steel demand and boosting China's steel exports in terms of demand.

Some people think that if the $1.9 trillion stimulus is fully implemented, it may push up the US GDP growth by about 1.5 percentage points. As a result, GDP growth in the US is expected to reach 6.2% in 2021 (previously 5.2%). In February 2021, the global manufacturing PMI was 55.6%, up 1.2 percentage points from the previous month, and remained above 50% for eight consecutive months. The continuous expansion of global economic growth and manufacturing trend in the United States and other countries is bound to stimulate the corresponding growth of global steel demand and generate China's steel export stimulus.