The post-pandemic global economic boom has not translated into growth for the automotive sector, as rising protectionism in Europe, the US, and other countries hinders recovery. This slowdown is affecting the demand for steel, a key material in car manufacturing.

China: The China Association of Automobile Manufacturers reported that June's automobile production and sales were about 2.51 million and 2.55 million units, down by 2.1% and 2.7% year on year. However, from January to June, production and sales saw year-on-year increases of 4.9% and 6.1%, totaling 13.89 million and 14.05 million units, respectively.

United States: June's new car sales in the US reached 1.34 million units, a 3% decrease year-on-year. Rising car prices and loan interest rates contributed to a consecutive six-month decline in sales.

Japan: June new car sales were about 374,000 units, a 4.9% decrease year-on-year. From January to June, new car sales dropped by 13.2% year on year, totaling around 2.13 million units.

China, the world's leading automobile producer, faces additional challenges with increased tariffs imposed by the US and the EU on its electric vehicles. These tariffs are expected to further impact China's already declining electric vehicle exports. The slowdown in the global car market recovery will continue to affect the steel market.