Rise in steel output may slow
By Richard Fu |
March 7, 2012, Wednesday
|
Print Edition
Print Edition
CHINA'S steel output growth may slow to 4 percent this year, less than half of last year's, due to weak demand from industries such as construction, a senior official of an industry association said yesterday.
Last year, China's crude steel production rose 8.9 percent to 683 million tons.
Zhu Jimin, who heads the China Iron and Steel Association and is also chairman of Shougang Corp, said in Beijing yesterday that the country's annualized steel output was 620 million tons in the first two months of this year.
BNP Paribas analyst James Clarke said in a Monday note: "Demand for construction steel has yet to rebound, despite positive signals from the developers we met."
He predicted that demand for construction steel to rise meaningfully only from late in the second quarter.
Demand from transport infrastructure construction, another key steel-heavy sector, has been sharply cut by the fallout from July's high-speed train crash in Wenzhou, analysts have said.
Last year, China's crude steel production rose 8.9 percent to 683 million tons.
Zhu Jimin, who heads the China Iron and Steel Association and is also chairman of Shougang Corp, said in Beijing yesterday that the country's annualized steel output was 620 million tons in the first two months of this year.
BNP Paribas analyst James Clarke said in a Monday note: "Demand for construction steel has yet to rebound, despite positive signals from the developers we met."
He predicted that demand for construction steel to rise meaningfully only from late in the second quarter.
Demand from transport infrastructure construction, another key steel-heavy sector, has been sharply cut by the fallout from July's high-speed train crash in Wenzhou, analysts have said.
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