Sentiment within global iron and steel remains generally firm as markets turn their attention towards the next quarter and the coming year.

With myriad signals and economic indicators being generated almost as prolifically as its steel, the mood in China’s domestic iron and steel market remains solid. And as we poke the final embers of 2017’s fire, the seaborne iron ore price – despite the recent slide from its early summer heights – remains stubbornly over $60/tonne.

The looming winter production restrictions for both Chinese steel and coke production are doubtless supporting steel demand, at least for the present. And a clear sign that domestic demand remains relatively healthy, Chinese steel exports remain depressed.

At least the Chinese government appears to be able to make decisions, whether on production restrictions or illegal steelmaking capacity removal and – most importantly - follow them through. This is something of which the European Union authorities can rarely be accused.

The EU has been hammering its steelmakers on reducing emissions and steelmaking capacity for long enough. As soon as the sector attempts to rationalise, by means of a major acquisition and a merger, then the naysayers resurface. Last week the European Commission registered its first public unease over the ArcelorMittal-led takeover of Italy’s troubled steel behemoth Ilva, citing monopoly concerns.