Next year is set to be a year of important changes in the global trade scenario for steel. Joe Biden is expected to become the new president of the US in January, and while his approach toward the existing Section 232 measures might not change rapidly, many expect he will push for more multilateral agreements for global trade.

Meanwhile on 15 November the Regional Comprehensive Economic Partnership (RCEP) was signed by 15 countries, including the ASEAN members, China, Japan, South Korea, Australia and New Zealand. The new partnership is only the first step toward boosting trade in the region, but it is expected to promote free trade between member states, especially to reduce trade barriers by cutting tariffs on goods

China Futures Daily pointed out that after the RCEP takes effect, more than 90% of goods will avoid tariff collection in trade between these countries. In future, this may increase to 95%. The zero-tariff policy will be achieved once agreements are finalised for specific products, and some should reach zero tariffs over the following ten years.