China Steel Market May Not Rise Sharply

Resource from: CBCC Likes:2902

Aug 19,2010

On August 18, China Iron& Steel Association (CISA) released monthly report, saying that China steel market may not rise sharply but show vibration in a narrow range in the near future as oversupply issue remain to be a problem. Chinese government promise to keep the continuity and stability of macro economic policies and Chinese economy is moving toward to the direction that macro economic policies expect. China steel demand will continue to keep growing. China removed export rebates on HRC, plate, and section products since July 15 in a bid to curb steel exports, and the subject products took up 45 percent of China current exports. Domestic market will see heavy pressure of supply when exports decline. However, the massive work of backward capacity elimination will help alleviate oversupply issue. According to CISA figures, at late July, China steel inventory totaled 14.54 million tonnes in 26 marketplaces, down 4.95 percent compared with the prior month. Longs inventory dropped sharply. Rebar and wire rod inventory declined by 9.32 percent and 14.98 percent month on month. HRC and CR plate inventory rose by 14.39 percent and 1.58 percent mom, while plate inventory dropped 6.71 percent.

(CBCC)

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