?????????????
fastener
fastenerHomefastener
fastener
fastenerNewsfastener
fastener
fastenerfastenerBuyers' Guidefastener
fastener
fastenerStandard Searchfastener
fastener
fastenerFor Buyersfastener
fastener
fastenerFor Suppliersfastener
fastener
fastenerMagazinefastener
fastener
fastenerTrade Showsfastener
fastener
fastenerMy Officefastener
fastener
fastenerPost Inquiriesfastener
Home->Fastener News->Booming demand causes steel price surgeYou are the 230249 visitors
Views:670   |   recommendation:fastener   |   Votes:2   |   Discuss:0
Booming demand causes steel price surge


Domestic demand is fueling a rise in steel prices as China reports solid economic data.

An increase in heavy truck manufacturing, excavators and robots in the first half of this year has helped drive up consumption.

"With the recovery of the Chinese economy, steel demand has continued to grow, causing steel products and even iron ore prices to rise," said Chen Kexin, chief analyst at Lange Steel Information Research Center.

This fits in with data reflecting stable growth in China during the first half of the year.

Official government figures showed gross domestic product, or GDP, increased 6.9 percent in the first six months, up 0.2 percentage point compared to the same period in 2016.

Last year, consumption of steel jumped to 709 million metric tons, up 2 percent from 2015, marking a turning point for the industry.

In the first seven months of this year, it surged by 14.3 percent year-on-year, statistics from Lange Steel Information Research Center highlighted.

Chen is now expecting China's steel consumption to increase by more than 8 percent in 2017, stoked by the rise in infrastructure projects across the country.

Manufacturing industries such as the heavy truck sector, excavators and robotic equipment are driving demand for steel.
 
At the same time, inventories have declined steadily.

By August, total stocks of five different steel products in 20 cities had fallen for six consecutive months to historical levels, signifying strong demand.

"Cutting capacity has (helped boost) steel demand," Chen said. "But without a strong need for steel, strict environmental protection policies cannot account for the price rise."

During the past few years, the government has rolled out tough environmental laws and regulations for the iron and steel industries. But prices have continued to remain low.

Part of the reason for the increase has been market speculation, one academic stressed.

Last month, the China Iron and Steel Association reported that spiraling steel prices were due to speculative trading by market players.

"Speculators began to disrupt the market by forcing up the prices after noticing strong market demand and reduced supply," said Zhou Yusheng, a professor at the Central Iron and Steel Institute in Beijing.

Source: China Daily

2017/9/22 15:44:00

Previous:    WIRE AND TUBE SOUTHEAST ASIA 2017 UNVEILS QUALITY PRODUCTS TO BOOST SUPPLY FOR THAILAND’S INDUSTRIES
        Next:    Automotive Plastic Fastener Market Size at $3.67 Billion by 2021

Recent Related News
China Steel Corp says prices to rise in fourth quarter--2017-08-28
China's steel prices pick up, but big rises unlikely: industry group--2017-08-23
EU imposes new anti-dumping duties to Chinese steel--2017-08-15
CISA decodes steel rise, raps speculators--2017-08-15
China's steel prices are rising and that's worrying Beijing--2017-08-11
Iron and steel sector profit set to soar--2017-07-17
Steel sector tempers pollution--2017-07-11
NanoSteel Introduces Tool Steel Material for Powder Bed Fusion 3D Printing--2017-06-22
U.S. to Release Steel-Import Findings as Soon as This Week--2017-06-13
China, US, Germany and India to lead recovery in global steel market--2017-06-06
Evaluation and Policy Options on Overcapacity Reduction of the Steel, Iron and Coal Industries(No.35, 2017)--2017-05-17
Experts Call for Steel Capacity Cut--2017-05-09

Vote for this news?

fastener(Very Good)
fastener(Good)
fastener(Normal)
fastener(Bad)
fastener(Very Bad)


Discuss
More Discuss...
Your Name: Anonymous

Enter the code shown:fastener2fastener

The 17th Fastener Trade Show Suzhou


China Fastener Directory
Get it FREE!
fastener
Get your CFD at the following shows:

• M-Tech Osaka, Oct 4-6, 2017, Japan

• National Industrial Fastener & Mill Supply Expo, October 17-19, 2017, USA



Show Room



Offer Product

Latest News
• China auto sales rise 5.7 pct in September

• Inaugural Fastener Fair USA Receives Strong Association Support

Buyers' Guide
Company News

• Market-Oriented, Your One-Stop Supplier of Stainless Steel Fasteners—Dongtai Huawei Standard Component Corporation

• Hebei W.T Fastener: Focus on Fastener Industry, Strive for Innovation and Development

The Way to Enter Chinese Market
The Way to Enter Chinese Market


fastener