[Your shopping cart is empty

News

Chinese steel production in 2016 to remain close to 2015 levels

SteelGuruFinancialReview reported that the sizeable decline predicted for China’s crude steel production this year has failed to eventuate, with some even forecasting output could rise marginally. The unexpected change is explained by strong Chinese exports. 

At the start of the year, MySteel, was predicting a decline in crude steel production of 4 per cent to around 770 million tonnes.But in recent weeks it has revised this forecast to a decline of just 0.5 per cent, which would leave steel production basically flat at around 800 million tonnes this year.

MySteel’s chief information officer Xu Xiangchun said “The unexpectedly strong production so far this year is mainly due to Chinese steel exports.”

Mr Xu said domestic demand had also been better than expected. He attributed this to a pick-up in housing construction, helped by easier access to credit for developers.

Overall crude steel production was down by 0.5 per cent to 470 million tonnes over the first seven months of the year. Over the first seven months of the year, China exported 67.4 million tonnes of steel, up 8.5 per cent from the same period last year.

China’s has more than 1.1 billion tonnes of steel making capacity, compared with annual production of around 800 million tonnes.

Source : FINANCIALREVIEW

Aug 22, 2016 12:11
Number of visit : 1,041

Comments

Sender name is required
Email is required
Characters left: 500
Comment is required