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Dun & Bradstreet Registered and Certified Enterprise

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2020-04-23 18:07

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Dun & Bradstreet Registered TM Certified Enterprise

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Mysteel: 2021 Steel Market Outlook

The COVID-19 pandemic in 2020 had a profound impact on the global economic landscape, marking a transformation of unprecedented magnitude in a century. Following the large-scale outbreak of COVID-19, China swiftly mobilized and implemented robust measures, including city lockdowns, to contain the virus. In response to the economic disruptions caused by the pandemic, the Chinese government introduced a series of proactive fiscal and monetary policies. Throughout 2020, the steel market exhibited a consistent pattern of high supply, high demand, and elevated inventory levels. Price trends were predominantly upward, driven primarily by dual factors: robust demand and rising production costs. On a macroeconomic level, it is anticipated that the economy will experience a significant recovery in 2021, with inflation expected to remain stable yet gradually increase overall. Monetary policy is projected to transition from an accommodative stance toward a more prudent and balanced approach.

The State Council: Payment for project funds must not exceed 60 days! Interest will be charged for overdue payments, effective September 1!

The State Council's No. 728 Order, the "Regulations on Guaranteeing Payment to Small and Medium-sized Enterprises," came into effect on September 1, 2020. To ensure timely payment of overdue funds owed to SMEs, the Regulations stipulate that government agencies and public institutions shall pay within 30 days from the date of delivery of goods, completion of projects, or provision of services when procuring such items from SMEs. If the contract includes a different payment term, the maximum payment period shall not exceed 60 days. Additionally, if construction contractors are required to provide advance funding for government-invested projects, the relevant government agencies and public institutions will be held accountable. It is strictly prohibited to delay payments under the pretext of changes in legal representatives or key personnel, delays in internal payment procedures, or lack of explicit contractual agreements.

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