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Global demand woes laid bare as China struggles to export steel

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China’s steel exporters face bleak times as sweeping lockdowns from Europe to Southeast Asia squeeze demand by shutting factories and stifling trade, highlighting the stiff challenge ahead for Asia’s top economy even as it emerges from its own virus-driven disruption.

The world’s biggest steel supplier is struggling to sell material overseas as buyers around the world withdraw from the market.

An index of new export orders released Tuesday collapsed, registering its most serious contraction since the aftermath of the global financial crisis.

The dislocation caused by the pandemic has raised the prospects of deep recessions in major industrial economies, punishing the markets China needs to support its trade-reliant factories.

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