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Steel oversupply exacerbated in China: Expert
An expert says oversupply of steel products has worsened in China's domestic market in the past two months. Wu Xichun, former president of the China Iron and Steel Association, made this comment Monday when attending a seminar on China's rolled steel market in Shanghai. He said the problem was not caused by insufficient demand, but by increase of net import and domestic supply. Meanwhile, Wu Xichun noted the steel price drop in international and domestic markets since this April was natural, and the competitions and merger among domestic steel firms will serve as an indicator of the country's steel market performance in the latter part of this year. He said the worsening steel oversupply in July and August has led to price falls in August and September. The expert pointed out if China's steel output decreases in the next few months, the steel market will be stabilized. He also called for import reduction and output limitation in the steel sector. The China Securities Journal reports since July and August this year, China has turned from a steel net exporter into a steel net importer. The newspaper says in the first eight months this year, China's urban fixed asset investment grew 27.4 percent, and in the first seven months, China's industrial added value increased 16.3 percent. It adds growth rate of iron and steel output during the period, however, is much faster than that of demand. In the first eight months, China's pig iron output surged 31.87 percent, and rolled steel output, 26.22 percent.
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