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Any import tariffs on metals or minerals are likely to lead to higher domestic prices for domestic buyers, say Morgan Stanley experts.

Morgan Stanley bank experts say any import tariffs on metals or minerals are likely to lead to higher domestic prices for domestic buyers.

The best-case scenario for China's steel industry this year is that trade tariffs are not too harsh, the domestic economy continues to recover, and construction activity stabilizes or even increases.

In November, HRC steel exports continued to be gloomy, falling by 70%. Businesses are looking to the domestic market as a "support" for sales.

While many factories remain loss-making and the property sector continues to hold back demand, analysts see rising orders from state-backed manufacturing and construction activity, along with rising exports.