Chinese ferrous futures saw a rise today, August 12, as market sentiment was positively influenced by reports of impending steel production cuts in Tangshan, Hebei province. These cuts are being implemented to improve air quality ahead of major events scheduled in Beijing for September 3. While some steel export prices, particularly from China, have seen a marginal rise, overall transaction volumes have remained subdued. The push for decarbonization and the potential for crude steel production cuts in the latter half of the year are anticipated to provide a much-needed boost to global steel prices. In contrast to this, the European stainless steel market is facing a downturn, with prices continuing to decline due to a seasonal summer lull and reduced demand. Distributors in the region are reportedly cutting back on stocks in response to the weak market. This highlights the divergent trends in major steel markets, with China’s environmental policies potentially strengthening its domestic prices while Europe grapples with market-driven weakness.